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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi Angie,
A 12% interest rate on a loan is quite high. You should be looking to get a loan at an affordable rate. Since you have already paid off about $8000 in principal, you should not be thinking of leaving the property at this point in time. As your property is on a rented lot, it may not qualify for a mortgage loan. In that case, you can go for a personal property loan. The interest rate will be higher than that on a mortgage loan. But I believe it will not be as high as 12%.
Hi nanacc,
If the used mobile home is in habitable condition, you may qualify for a mobile home loan. But there are other factors like your credit scores, DTI ratio, down payment amount that determine your eligibility to qualify for the loan. You can contact any local lender and see if they can give you a loan. Alternatively, you can go for a no obligation free mortgage quote from the lenders of this community. If you qualify in terms of the eligibility criteria set by the lenders, they will offer you free mortgage quotes. This will give you an idea as to what type interest rates and terms you can expect on your mobile home loan. |
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Steve Jenkinjs
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Post subject: modular home |
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| I would like to refinance and pay off my loan and have one payment my modular app. at 173,000.00 with 1 acre and have more land to put with it to app. up. my modular is 2250 sq ft. with double carport attached to it. what kind of fixed rate could i get with a beacon score of 780 30 year fixed. |
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Judi
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Post subject: Purchasing a used mobile home from my daughter |
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| Daughter has 1999 Chandeleur 80 x 16 single trailer on my property. She has moved to another state and cannot afford the trailer and her current house. I am interested in buying trailer from her to rent out. What type of finance options do I have? Current loan balance is $20,000. My credit rating is >800, own my own home, annual income approx. $120,000. |
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jennijones2675@yahoo.com
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Post subject: mobile home loan |
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| I am looking for a loan to pay off my mobile home so I do not have to pay 500 month rent, I'd rather pay the lot rent of 185 versus 500..Where I live even if I pay the 500 month none of that money I put toward the mobile home will come off the amount of the mobile home if I but it at income tax time Jan. 2010..so I would really be paying 8,000 for the mobile home loan, my credit score is only 583, 600, 546. I do have some delinquent accounts in my credit score in which I was planning to pay income tax time, however I could not pay anything right now on them. I really need some assistance..If I do not come up with the money soon to buy I will be evicted and the owners will sell to someone else, the owners want this money now..I cannot afford to me as I am a single mom. |
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blueteddy16@yahoo.com
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| i want to buy a mobil home with 2 acers we are in talks but a price i want to know what type of loan i need it was built in 2005 |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Hi blueteddy,
There are loan programs that help you purchase both the mobile home and the land on which to put it. FHA has got a Title I program which allows you to do that. You need a minimum score of 620 points to qualify for it. If your credit is near about 720, you can opt for conventional loans as well. What are your credit scores? What approximately is your income? Do you have any other debt obligations? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Hi Steve,
You have got an excellent credit score of 780 points. You will definitely qualify for a refinance in terms of your credit score. You can even go for a conventional loan with 780 credit score. The 30-year fixed rates are quite low at present. So, it’s definitely a good idea to go for a fixed rate loan instead of an ARM. Your interest rates also depend on your down payment amount, discount points etc.
I think you can go for a no obligation free mortgage quote from the lenders of this community. They will assess your financial situation, credit scores etc. If you qualify, they will get in touch with you and will offer you free quotes. This will let you know what type of rates you can expect to get on your 30-year fixed rate mortgage.
Hi Judi,
Your credit score and income are good enough to help you qualify for a loan. The trailer you want to purchase has a mortgage balance of $20k. If there is enough equity in it, you can refinance it in your name and pay off the existing balance. Once the title is in your name, you can rent it out. With the credit score and income that you have, you can go for a conventional loan.
Hi Jenni,
It will be difficult for you to get a loan in this situation. Your middle score of 583 is not enough to help you qualify for a loan. A minimum score of 620 is required these days. You also have some delinquent accounts in your credit report, which is not going to be in your favor. So, you really need to improve your credit to be able to get a loan. The very few lenders, who may still offer you a loan with 583 credit score, will charge you exorbitant interest rate.
Thanks,
Jerry |
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ronpod
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Post subject: refinance |
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| We got a 5yr. ballon note to buy a used 2000 dw mobile home.We used 20 acres on the lake and home for colteral with the plan to refinance 3 acres and home on a morgage. Now we are told we must refinance all the land since it is on the original note. The land is worth way more than the loan. We have standard underpinning they want block foundation which offers no real support. Where can I refinance 65,000 for a dwmh and 3 acres on the lake without putting up 200,000 worth in land? Credit score 675 more or less. THANKS RON |
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Sassie0711
Joined: 18 Aug 2009
Posts: 1
1.90 Dollars($)
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Post subject: Mobile Home Loan |
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Hi - After looking over the internet I ran across your site and thought I would give it a try and see if someone could please help me.
I just recently purchased a older Mobile Home (1973) which has a new hot water heater (40 gal.) new furnace, new thermal windows throughout the home, newly repaired roof and central air conditioner (5yrs old) This was a very well keep mobile home that I bought on a land contract from my sister-in-laws folks. I would like to obtain a loan to pay them off as I hate having to owe family as it can run into problems down the line and I also want to catch up on some past due bills so I can prepare for myself for retirement as I am not that far away from then. I have a great government job as an Administrative Assitant/Deputy Treasurer for over 14yrs. I make a little over $18 an hour and I have over $60,000 in pension but can not touch that money until I retire and over $125,00 in death benefits (worth more dead then alive) should I die this loan would be paid for. My state retirement money I can not borrow against this money and I do not have much left in savings as I gave them a downpayment of $1,000 and wiped out most of my smaller savings account. I am looking for a $20,000 loan and willing to pay higher interest up to 15%-18% and pay loan off within 36-48 months. With my paycheck, I can afford a $600-$650 a month payment. My lot rent is only $432 a month which includes water, sewer and taxes. I do not have major charge cards and just a car payment, insurance and utilities. My credit score is close to 600 (not the best due to some unfortunate circumstances a few years ago) which I can explain if asked but had to file bankruptcy 2yrs ago and it has affected my credit but now starting to improve and go up. I have gone on line to find private lenders but most are either marketing scam artists or other sites with outrageous interest rates. I am even willing to do ACH payments right from my checking account. as I have direct deposit from payroll.
In conclusion, I am looking for somewhere I can get this loan and any type of help or information as to where I can look on line would be helpful. Thank you for your time in this matter. |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To Ron,
Your credit score is good enough to get you a loan. However, I don't understand why the lender is insisting on having the entire land as collateral. If the land is worth way more than the outstanding balance on the existing loan, there's no need to use all of the 20 acres of land as collateral. As far as the property and foundation requirements are concerned, they vary from one lender to another.
You may seek a no obligation free mortgage quote from the community lenders. They will check your credit scores, income and determine if you qualify for the loan. If you qualify and the lenders think they can give a loan using only the 3 acres of land, they will offer you free mortgage quotes. If you get a good deal, you can go for the loan or you may choose to contact any local lender for a mortgage quote.
To Sassie,
You've got a good income and your job as a government employee for the past 14 years will no doubt work in your favor when lender reviews your loan application. You do not have too much of debts, which means your debt to income ratio should also be low enough to get you the loan.
However, you credit is definitely not the greatest. A 600 credit score is not considered to be enough for a loan in this depressed economy. FHA offers loan at 620 credit score and this is the minimum score most lenders would like you to have. For conventional financing, your score need to be more than 700. You also have some past due bills and filed bankruptcy just 2 years ago. Considering these facts, qualifying for a new loan does not look too easy for you. However, if you can provide the lender with proper explanation with regards to these negatives on your credit, they may still offer you a loan.
Another fact that might work against you is the age of the mobile home. Lenders do not want to finance loans against such old mobile homes. These homes do not comply with the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. They have high rate of depreciation and low life expectancy. This is why lenders are often reluctant to finance homes built before 1976.
You may go for a no obligation free mortgage consultation with the lenders in this community. They consider all the qualifying factors and let you know if it is possible for you to get a loan, given this situation. They will also be able to offer you suggestions about how and what type of mortgage you may qualify for. |
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Sassie0711@aol.com
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Post subject: Mobile Home Loan |
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Savior79 - Thanks for your reply - Yes, I have a good income and can afford payments. As for the Bankruptcy, a few years back I tried to help my step-daughter & her NOW ex-husband when they purchased a home. Me being the good hearted person tried to help by signing as guantor on a loan of $20,000 (foolish me) Never thinking that I would be taken advantage of but long story short, they ended up foreclosing on the home and the person they owed the smaller loan to came after me, which I tried to fight this situation had to pay attorneys, fell back on my own bills and ended up filing bankruptcy, which ruined my credit and my score was down to low 500's. Now tryng to work my way back it's close to 600 and bought this mobile home to prepare for retirement. Believe me I will no longer sign to help step kids again.
I know the home is older but, with all the new improvements the life of the home will last for many years to come and I do plan on remodeling the bathroom and kitchen eventually.
So hopefully someone will help me somewhere so I can get ahead before I retire. Thanks for your info. Sincerely! |
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dddrew88@aol.com
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Post subject: ? |
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| I have found a mobile home I want to buy.The home is in a park. I have a poor credit history. the home is 29,000 is there any way of getting a morgage loan? |
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BLAZER 222
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| WHAT COMPANIES GIVE MANUFACTURED HOME LOANS |
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anonymous9696
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Post subject: new loan |
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| Hi, I am wanting to buy a new mobile home. I filed reorginazation bankruptcy for medical reasons in 2004 and discharged in 2007. My credit score is 680 with no late charges. Will I have any problems with getting a loan? |
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VIRGINIA
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Post subject: 15,000 LOAN |
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| HI COULD YOU HELP ME I NEED 15,000 AND I OWN MY HOME I DONT OWE BUT 635.00 AND ITS PAID SO CAN YOU HELP? |
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