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tired of renting
Guest
0.10 Dollars($)
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Post subject: first time buyer |
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| i would like to buy a mobile home as my first big investment i dont have any credit , i would like to put it on my mother in laws property for a while while i finish school and get a career would it be very difficult to get a loan? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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As you do not have any established credit and as you're unemployed, it would be quite impossible for you to get a loan. You will have to establish your credit first. You can start off with credit cards. Once you have a good credit, you can apply for loans.
_________________
Good is the Enemy of Great. |
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cd
Guest
0.10 Dollars($)
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Post subject: |
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| im looking to buy a mobile home and my credit is poor i have been on my job for 5yrs and my income is 27,000yr could you give me the name of some lenders that might help |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi cd,
What is your credit score like? In order to get a conventional loan, you should have a credit score of around 700-720. If you do not have so, lenders won't qualify you for a loan. If you want a FHA loan, then you should have a credit score of 620 minimum. Apart from this, you shouldn't have negative items on your credit report. If you have the minimum credit score, then you can contact the lenders and get pre-qualified for a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know whether or not you would qualify for a loan.
Thanks |
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lowboy
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0.10 Dollars($)
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Post subject: |
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| Me and my wife dont have good credit scores 590 and 588 We were wanting to buy a mobile home, first time home buyers. We have our tax return to put down 1-%or higher on a trailer, but with our scores we didnt know if we could get a loan for one. We have made our payments to the back for another loan with our banck and have never been late or missed one payment. We didn't know if we would be better off going with a loan from our bank or with a HUD loan? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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With a credit score of less than 600, it would become difficult for you to qualify for a loan. You will have to improve your credit score first and then apply for a loan. Check out some of the simple steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
_________________
Good is the Enemy of Great. |
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unidentified
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0.10 Dollars($)
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Post subject: Bad Credit |
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| I want to purchase a $35,000. mobile home but I lost a mobile home to repossession last year. Is there a lender out there that can help? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12357
Location: bloomfield, ct
55.04 Dollars($)
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unidentified, lenders look for a track record. your track record is abysmal. i'm sorry to tell you that your having had a repossession within the last year will disqualify you from obtaining a loan for another mobile home. further, it's going to stain your credit to the point that any other new credit is unlikely for a while.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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fl nonnie
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0.10 Dollars($)
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Post subject: Looking for a lender to buy mobile home in park |
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| Where do I go to find a lender for a used (1981) mobile home in NE Oklahoma? |
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just me
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0.10 Dollars($)
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Post subject: mobile home loan with bad credit but own land |
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| We own 7+acre's of land we want to get a double wide mobile home for 20,000 we don't have good credit score but have collaterol can we get finananced |
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denise
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0.10 Dollars($)
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Post subject: trying to buy a mobile home for the first time |
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| credit is bad but is trying to get me a mobile home |
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bv
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0.10 Dollars($)
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Post subject: Manufactured Home - Arizona - permananet Foundation |
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| Having a tough time trying to get a refinance loan with cash out to pay bills. desperate. Banks reject loan when they find out home is manufactured - which i did not even know. Appraisal is &158,000. Owe $88,000. Home is permanesnt and in good shape. Why can't i get A LOAN? |
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bonner jones
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Post subject: modular repro on 4.78 acre |
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| Trying to get a mortage on the above property. it also has a very large 24x36 3 car garage as an out building. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi!
To fl nonnie,
You can speak to the local lenders and check out if they can lend you money to buy an used mobile home. Depending upon your credit score and income, the lender would let you know whether or not you would get a loan.
To just me and denise,
With a bad credit score, it would not be possible for you to get qualified for a mobile home loan. You will have to take steps to improve your credit score first and then look out for loans.
Hi BV/bonner jones,
Are you facing any credit issues? Lenders will not lend you money if you do not have a good credit score. What is your credit score like? In order to get a FHA loan, you should have a credit score of 620 minimum whereas for conventional loans, you should have a credit score of 700-720.
Sussane |
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bobbie
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0.10 Dollars($)
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Post subject: mobile home loan |
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| my husband and i are seniors and do not own any land. we live in a mobile home park located in southern oregon. our balance on the home is around 29,000. our payments are 335.00 a month plus a space rent of 400.00 . our income is 3,000 a month combined. we are disabled seniors. we need some things done for our home that we cannot afford to pay anyone for. we do not have good credit but most of it is from medical bills and some of the bills are quite old. we would like to know if we could get a loan on the equity we have in our home. our home is appraised around 50,000. thak you |
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