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smbelaen · Joined: 15 Feb 2010 Posts: 1 1.41 Dollars($)

My husband and I applied for the Neighborhood stabilization program in Michigan. The criteria for qualification are a score of 620, minimum income of $1000, and cannot currently own a home. Me and my husband both have credit scores around 700. The only issue we have is the remaining balance due on our mobile home we gave back to the mortgage company. We were never late on making our payments in the 5 years we owned it.

Anyway, it's been 28 months since we gave back our mobile home and it shows that it was repossessed on my husbands credit.

The lender I spoke with said that the home had to be paid off first.

Now I'm confused because I thought it was the NSP program that actually qualified us for the mortgage, not the lender.

banker0679 · Posted: Mon Feb 15, 2010 8:08 pm Post subject:

Most government mortgage programs have great guidelines or sometimes no guidelines for a specific area to quality for a mortgage.

However, the lender will and can impose their own restrictions

Posted: Mon Feb 15, 2010 8:32 pm Post subject:

So even with our 700 credit scores, we pay our bills on time, good debt to income ratio we still may not qualify? We owe $15,000 on the mobile home. We have never been contacted regarding our balance due, nor have we ever been taken to court.

We definitely are going to pay this debt, but we want to wait until after we buy a house to "wake" it up.

banker0679 · Posted: Mon Feb 15, 2010 8:36 pm Post subject:

It all depends on the lender.

I would find another lender just in case you dont get something blown up at closing Smile

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Repossessed Mobil Home and Qualifying for Mortgage