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how much down, and will payment to seller count?

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hendricksfan01 Joined: 07 Feb 2011 Posts: 1 1.32 Dollars($)	Posted: Mon Feb 07, 2011 7:36 am    Post subject: how much down, and will payment to seller count? Like 0 Dislike 0 Good morning. I want to secure a loan to buy a mobile home my parents own. I have been paying on it for 2 years now and they are ready to retire. I make about 50k and its been 5 yeaars since my bankruptcy. The tax roll shows its value at 170k how much should I expect to put down? Additionally will the 17k I've already paid count toward the down payment? My credit score is about 630.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Feb 08, 2011 12:46 am    Post subject: Like 0 Dislike 0 Hi hendricksfan! Welcome to forums! You will have to put 20% down in order to get a conventional mortgage. If you want to qualify for FHA loan, then you'll have to put 3.5% - 5% down payment. The money that you've already paid toward the mortgage won't count as a down payment. With a credit score of 630, you'll be able to get a FHA loan. Feel free to ask if you've further queries. Sussane
Karmapolice Joined: 13 Feb 2011 Posts: 20 3.50 Dollars($)	Posted: Sun Feb 13, 2011 1:45 am    Post subject: Like 0 Dislike 0 You can get a FHA loan and pay 3 - 5% down payment if you have a credit score of 630+ , (I also highly recommend FHA as you need much less down) _________________ mortgages for people with bad credit available here. Instant cash out refinance quotes USA wide.

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