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hi, i'm on ss disability and have been for over 25 years. i currently am paying a loan on a mobile home in a park that my roommate and i purchased about 4 and a half years ago. i am having trouble paying the lot rent and loan on it since my roommate passed away about 8 months after we bought this home. we had put about a third down but i still owe just under $48,000 on it. with the housing collapse i might be able to sell it and pay off the loan, but don't think i would get very much out of it after real estate agent fees are paid-maybe a few thousand dollars at most.
i have found a few mobile homes in parks with cheaper lot rents and houses, but my income is a problem. i have very good credit-my car is paid off but my income is holding me back from being able to lower my monthly payments-any ideas of debt to income ratios i can use? i figure i can put about a third down on a nice singlewide that is newer than my current home-but i need between $15,000 and $20,000 on a loan. if my figures are correct i think i can save about $350 a month if i can find someone to finance me. any ideas of where to look would be appreciated. thank you

jameshogg · Posted: Tue Sep 07, 2010 10:34 pm Post subject:

Hi lablover,

Once you sell off your existing property, it would be easier for you to get a mortgage in order to buy a new property. If you already have a mortgage on one of your properties, you won't be able to get another mortgage.

For conventional mortgage, the debt to income ratio should be 28/36 and for FHA loans, the ratio is 31/43.

Thanks

jameshyden01 · Joined: 23 Oct 2010 Posts: 4 1.49 Dollars($)

Ultimately up to you to use these formulas and coefficients to their own financial situation. Remember, while the number can help you get approved for a loan, not give the whole story. Some people may pay a little more while others pay less, depending on lifestyle and other factors.

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