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JoJO
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0.10 Dollars($)
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Post subject: Very bad credit mortage loan |
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| How can i get a loan for a home with very bad credit? |
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hiagnemma
Joined: 19 Apr 2009
Posts: 1
1.32 Dollars($)
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Post subject: foreclosure on mobile home |
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| Like Leslie that wrote in Oct, 2005. I am facing forclosure, I have a wife and 2 children that I am seriously afraid of being out on the streets. I dont know what to do. My credit really is not good at all. I need help and help fast. Any help that can be sent my way would be awesome. -Henr |
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claphamstpt
Joined: 20 Apr 2009
Posts: 1
1.26 Dollars($)
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Post subject: Mobile home loan |
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| I have been going crazy trying to find a loan for a mobile home. I can't find a lender that will finance a mobile home. Where do I start? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi
To claphamstpt,
What is your credit score like? How old is the mobile home? Is it placed on a permanent foundation? What reasons are the lenders citing for their rejection of loan applications?
To hiagnemma,
I think you can go for a loan modification program to avoid foreclosure. Have you negotiated with the loss mitigation dept about the possibility of a modification of your loan?
To JoJO,
It's very tough to get a loan with a very bad credit when the market isn't doing well. Chances are very slim. What is your crdit score? how 'bad' is it? |
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anonymous 803
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0.10 Dollars($)
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Post subject: home loan info |
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| My husband and I both have a credit score of 650 or so. The only thing bad on our credit is some medical bills. We have recently paid off 6 small collection accts that appeared on the credit reports and are paying on the other ones. This will be our first home purchase and we are not sure where we stand. Any help? |
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rosey
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0.10 Dollars($)
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Post subject: my mortgage company |
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| I bought a mobile home from clayton homes Vanderbilt mortage is the lender this is my story. I bought my land first i owed 33,000 on the land when I went for the home. I did not want them to add the land into the home loan but they did. They did not offer me a first time home buyer anything, they said I could not get my own insurance. I have only had the home for almost 2 years my mortgage was only suppose to be 1136 a month when I went to the closing I was told I could not get my own insurance which made my payment go up to 1374 a month after a year the insurance went up and now I am paying 1406 a month which I cannot afford I have lost 10% of my pay and I have lost my child suuport I have to pay seperate taxes on the land and the home. I called when the president announced the home remodafication program and was told that they were not particapating because there was nothing in it for them. All I was asking was for my interest rate to be lowered I am paying 9% which they told me at the time of purchase could not be negociated my credit score at the time I bought the house was a 704. I have to refinance or I am going to lose my house and land. but credit has suffered severly because of my house payments my payments are 85% of income. Please help. |
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Angela
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0.10 Dollars($)
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Post subject: 1st time home-buyer,what to do |
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| I am a 1st time home-buyer with very "new" credit.I have only owned 2 credit cards and have made payments on time every month,paid in full for the past 2 1/2 years. I have no other loans,debts,or credit anywhere. I have a full-time job and a part time job,neither of which pay very well. However,I do have a decent amount of money saved in order to put down as a down payment,pay closing costs,etc. What are the chances I can get a loan to finance a mortgage on a mobile home? |
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suej
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0.10 Dollars($)
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Post subject: Home Equity Loan |
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Hi I bought my 1992 Double wide in Sept 08 and recieved a settlement and paid it off in febuary 09. My credit score is 570 and I keep repairing it as there is some things on there that shouldnt be like medical, I am on SSI and a Student and I need to do some home repairs and need to get a loan for it do you have any suggestions.
Thanks,
Sue |
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Ben-GA
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0.10 Dollars($)
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Post subject: Qualifications. |
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| I'm looking to purchase a perm foundation manuf. home with 3 ac. but it was built in '99. The seller has dropped it to $68,000 which is payoff for current note. He said it was appraised at $78,000. My credit score is 710. I'm under the impression that a lender will not accept this type being it's more than 5 yrs old. Is this true? If not, will there be more required down or high apr? Is there a limitation of how old they will accept? |
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peanut
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Post subject: loans for mobile homes |
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| i would like to get a loan to purchase a 2004, single wide mobile home. we rent a home now and pay 1,000 month in rent. too big now for my husband and i and would like something smaller. can you help? our credit is ok can you help us. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi anonymous,
A credit score of 650 is not very impressive, but is not bad at all. You are doing the right thing in paying off your collections. You should remove the negative items from your credit as early as possible. This will increase your credit score. Try and improve the credit and take it to 700+. Also, save some money for downpayment. Then, go for a loan. With a 700+ score and some downpayment, you will get good loan offers at attractive rates.
Hi rosey,
Since your lender is not going to do any modification on your loan, a refinance seems to be the solution to keep the land and the home. If your credit is not good, no lender would want to refinance your loan. You should work on improving your credit as quickly as possible. What is you current credit score like?
Hi Angela,
Your credit looks good with no negative items listed on it. As you have limited debts, your DTI ratio should also be good. You have a full time job and a considerable amount money to put down. You seem to have a good chance of qualifying for a mobile home loan. What is your credit score? Are you looking for an particular type of loan like a Govt-backed FHA loan?
Hi suej,
I think The FHA-insured Title I loan could be the loan that you are looking for. You cna use this to carry out the repair work on your home. You can call (800) 767-7468 and request item number 2571 for further details regarding this program. In the mean time, try and improve your credit as quickly as possible. |
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bestmortgages
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0.10 Dollars($)
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Post subject: reply |
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| really a nice article.it is really appreciable. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12371
Location: bloomfield, ct
57.76 Dollars($)
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Post subject: |
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swell post, bestmortgages
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12371
Location: bloomfield, ct
57.76 Dollars($)
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Post subject: |
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ben, the age of the home you mentioned is going to be acceptable for lenders you might seek financing from.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi peanut,
FHA insured Title I loans are quite useful in purchasing a mobile home. They come with low interest rate and low downpayment. But to qualify for an FHA loan you need a crdit score of 620. You have mentioned that your credit score is ok. But can you tell us what exactly the score is?
Hi Ben,
With the mobile home having a permanent foundation and you having a decent credit score of 720, the chances of you quallifying for a mobile home loan are considerable. Being more than 5 years old does not disqualify a mobile home for a loan. As long as the home is not a pre-1976 model, it can qualify for a home loan.
Thanks,
Jerry |
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