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 towanna
Joined: 02 Oct 2007
Posts: 1
1.37 Dollars($)
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 Posted: Tue Oct 02, 2007 11:32 am Post subject: My drema sis to have a mobile home for me and my kids and I |
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| I need something soon, becasue right now I'm living in a section 8 home, and I'm ready to take the next step of owning. My lease will be up at the end of this month can you help. I'm been employed for 2 years with my present employer |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 482
Location: Minneapolis
19.70 Dollars($)
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| Posted: Tue Oct 02, 2007 6:41 pm Post subject: |
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Hi if you are gainfully employed and have clean credit in the last 12 months you can look into FHA loans, the ammount you will qualify for will be based upon your income. It helps but not nessesary to have a downpayment and some assets. The rest will be dependent on your situation. As far as financing a mobile home it may be a problem if its not on a permanent foundation.
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Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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jameshogg
Joined: 20 Dec 2005
Posts: 1038
Location: nevada
131.64 Dollars($)
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| Posted: Tue Oct 02, 2007 10:36 pm Post subject: RE: switch from rental assistance to mortgage |
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Hi Towana,
Welcome to forums.
It's good to hear that you're on your way to buying a home. I shall agree with Eugene here as he says that FHA loan can be an option for you. There isn't any requirement that you need to paya high percentage of down payment - you can go for it at about 3% down payment even. And, the loan is insured by the FHA, so even if you default, it can be paid through the mortgage insurance policy.
Considering the eligibility, you need to have debt-to-income ratio of 41% and you needn't have a very high credit score. I think it's time you start shopping for an FHA loan and do compare the loan offers before you choose the right one.
Thanks |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.77 Dollars($)
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| Posted: Wed Oct 03, 2007 4:27 am Post subject: |
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Hello Towanna,
Are you planning to buy the home in which you live right now? Is that a mobile home?
For financing a mobile home you can definitely look out for the FHA insured mobile home mortgage. You may use the Title 1 loan to buy either the home or the lot or both of them. The maximum loan amount which you can avail is
$ 48,600 for the home
$ 16,200 for the home lot, and
$ 64,800 for both home and lot.
For further details you may look here http://www.mortgagefit.com/mobile-homeloan.html |
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Browneyes
Guest
0.10 Dollars($)
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| Posted: Thu Oct 04, 2007 2:15 pm Post subject: would like to own my own home |
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| I've been to a FHA loan officer she said she cant help me because my score is 482. |
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livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 596
23.69 Dollars($)
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| Posted: Thu Oct 04, 2007 4:02 pm Post subject: |
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You will more than likely have to do the following...
1. Pay off any open collections, judgements or liens. (medical collections are not important)
2. Get a secured credit card in the amount of $500.
3. Pay rent with checks only.
4. Pay all your utilities and miscellaneous bills on time for the next 12 months. You will need at least 3 things.
If you do all of the above and stay at a steady job you will more than likely qualify for FHA.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 482
Location: Minneapolis
19.70 Dollars($)
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