Manufactured home loan for the self-employed

reanderson1121 · Joined: 07 Jul 2006 Posts: 1 0.67 Dollars($)

I am looking at borrowing around $20,000 and I have a mobile home that I can use as collateral. It is a 2004 Fletwood 16 x 80. It is payed for in full. My credit is excellent my score is 761. My problem is that I am retired and self-employed so my income is only $1250.00 a month. I also need this money as soon as possible. Can you help me at all

Thank you,
Ron

colin · Posted: Fri Jul 07, 2006 3:05 pm Post subject:

Hi Ron,

You may go for stated income or no income documentation for mobile home loans.

Although I don't think it will be easy for you to get one on a mobile home as most lenders I have seen do not agree to go for these kinds of loans on a mobile home.

May be you will find someone here. Continue with your search in your locality also.

Wish you good luck.

Samantha · Posted: Fri Jul 07, 2006 3:16 pm Post subject: self employed mobile home loan

Hi Ron,

Welcome to MortgageFit Forums.

As Colin said it is not easy to get a mobile home loan with stated or no doc. Although I don't wipe out possibilities especially you have very good score.

You can get a mobile home loan but may face some restrictions. The lenders may like to see your business running for at least 2 years.

Some other proofs that may be required are 2 years business licenses, tax returns in the business name, professional license etc.

Also, most likely you have to verify your income to qualify for the loan. There is least possibility for a lender to agree on a stated income or no income documentation for mobile home loans.

You can do a no obligation free loan sign up with us so that we can forward your request to our network of lenders. They will contact you and discuss with you about your requirement and the probable options.

Feel free to ask if you have more queries or face any further problems.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

Most recent federal income tax returns will be required to be shown. Also your home must qualify for the minimum HUD requirements.

Guest 0.10 Dollars($)

I have bad credit. I am in forbearance with my current morgage company. The have raised my payments to 2000 per month. I need to find someone who will let me refinance. I was laid off from my job and my income went way down when I started back to work. My husband then left me with the house and the bills. Do you know of a company that will help me.

Caron · Posted: Sun Aug 13, 2006 8:38 pm Post subject: RE: Need to Refinance

Hi Guest,

I guess you want to refinance so that you can pay off the first mortgage. But you are already in forbearance and you bad credit. Getting a lender to allow you for a refinance isn't impossible. But considering your credit profile, this will require to pay much more as you will perhaps get a higher rate of interest.

Also, there are the loan costs which you will have to pay for refinance. So, instead of taking another loan to pay off the first, talk to your lender and request him for some more time. In the meantime, search for a second source of income which can help you pay off the loan.

Thanks,

Caron.

Jessica

Hi Guest,

I agree with Caron. You should think twice before you refinance. It is better to avoid high rates and payments on which if you default, there is a chance of your credit score going down. Still if you feel refinance is the best option for you, then try to find a lender giving you a comparatively lower rate than others.

In this regard, you can get some help from our Community. We have a group of ranked lenders offering different loan programs for people having good as well as bad credit. If you are interested, you may go for a no obligation free loan sign up with us. Our Loan Department shall try their best to match your requirements with the lender's profile and they will conatct you as soon as possible.

Read through how we follow up after the loan sign up.

Alternatively, you can also search through our Directory of ranked lenders who can provide you with a suitable loan offer.

Regards,

Jessica.

Guest 0.10 Dollars($)

MY HUSBAND AND I FELL BEHIND DUE TO ME NOT BEING ABLE TO WORK
DURING PREGNANCY(bedrest) BANKRUPTCY DISCHARGED IN AUGUST 2005. WE SET UP A FORBEARANCE PLAN WE WANT TO REFINANCE BUT ONLY HAVE MADE TWO PAYMENT ON THE PLAN IS THERE ANY HELP FOR US OR IS THERE SOME TYPE OF LOAN WE CAN GET TO PAY OFF THE DEFAULT. WE CURRENTLY ONLY HAVE A MORTGAGE PAYMENT. DO NOT HAVE ANY OTHER BILLS ACCEPT MINOR WATER, GAS ,ELECTRIC & INSURANCE. INCOME AROUND 4200.00 PER MONTH FOR THE BOTH OF US. SOME ONE ANSWER OUR PRAYER

colin · Posted: Tue Aug 22, 2006 2:28 pm Post subject:

Hi,

You can go through the Loan Workout page for more insight into options available for you.

It will give you some idea on how to proceed further.

Thanks
Colin

Jessica

Hi Juanita,

At times we do come under such situations as yours. But do not worry. This is the time when you be bold and confident so that you can take the right decision.

Since you are already behind on your payments, I don't think a refinance is a good option for you. The bankruptcy filing can make it difficult for you to get loans at reasonable rates. Moreover, you have also made just two payments on the forbearance plan. So, it is better that you talk to your lender again and request him to suspend the payments for quite some time.

By that time, if your husband can look for some other source of extra income and accumulate enough funds, then probably after a few months you will be able to pay off the loan in monthly installments.

If you still feel that refinance is the option for you, then try to look out for a lender offering loans at the lowest possible rate. Also know more on refinance before you go for it.

Regards,

Jessica.

Guest 0.10 Dollars($)

I have filled out a fafsa form and was denied help. I am 24, married, have no children, and own my own home. I'm interested in enrolling in LPN school which is 40 hours a week for 11 months. The school suggested I not work at all during the program. My husband doesn't make enough money to pay the bills by himself. what should I do? A frien suggested a mortgage forbearance?

Guest 0.10 Dollars($)

Hi Cass,

If your husband is not able to keep up regularly with the mortgage payments then your husband can discuss with the lender about the forbearance plan.

It is an arrangement where the lender can allow for a repayment plan based upon your husband's financial situation and may also allow for temporary suspension of the payments until the financial situation improves.

Vakov

colin · Posted: Fri Oct 13, 2006 6:53 pm Post subject:

Hi Cass,

You can have a look at the article about forbearance to know more about how the forbearance plan can be started after consulting the lender.

Thanks
Colin

Samantha · Posted: Fri Oct 13, 2006 9:30 pm Post subject: RE: Save more to pay off bills

Hi Cass,

Why ask for a forbearance plan, you can take up some freelance job that will allow you to earn extra money by working from home and pay for the course you want to enroll for. There are a number of freelance websites providing various types of jobs for which you need to work from home. I guess this option may be suitable for you. It can also help you to assist your husband in paying down the bills.

You can also make a monthly budget as per your husband's income and try to save a certain amount by cutting down the expenses. Our lessons in budgeting can help you in this regard.

Refer the sections on How to Plan a budget and How to increase savings .

Hope this will help you.

God bless you

Samantha.

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