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Tami
Guest
0.10 Dollars($)
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Post subject: Down payment or second mortgage loan |
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| My husband and I have found the house, and the lender said our credit looks good, but we are having an issue coming up with a down payment and the amount we need is not a lot. Seeing if there is an option for a down payment loan or second mortage. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi Tami,
You may apply for a 80/20 loan but now a days lenders hardly approve such loans. If you are unable to give the 20% downpayment, then you can go for a private mortgage insurance. If you do not want to go for it, then you can ask your friends or relatives to gift you the downpayment amount.
Thanks |
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carlajc
Guest
0.10 Dollars($)
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Post subject: I have proerty for down payment |
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| I have 1.5 acres of property that i want to use as a down payment bt I have bad credit(503) and I want to know how hard it is goping to be to get a loan.I have gaurenteed income very month. |
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jyates
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0.10 Dollars($)
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Post subject: older mobilehome loans |
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| Are there any lenders that will make loans for mobilehomes build pjrior to 1976? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Hi carlajc,
With a bad credit score of 503, you won't be able to get a loan though you sell off your land and pay the downpayment. If you are planning to get a FHA loan, you would require a credit score of 600-620. For conventional loan, you would require a credit score of 700-720.
Hi jyates,
Mobile homes which are build prior to 1976 do not qualify for loans. I don't think there are lenders who would finance such properties.
_________________
Good is the Enemy of Great. |
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Gary Kirby
Guest
0.10 Dollars($)
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Post subject: mobile home refinance |
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| I have 30 acres of land. I have 3 Mobile homes on the land. Im live in one and rent the other 2. What refinance options do I have? |
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sleeper
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0.10 Dollars($)
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Post subject: single wide mobile on land mortgage |
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| I own outright a single wide (1979) on acreage that my sister lives in. I was hoping to get a loan on the property to consolidate some of my debts instead of taking a home equity out on my own home. Is that possible? What banks do loans on a second home for a single wide trailer? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post subject: |
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Hi Gary,
You should have an excellent credit score and stable financial situation in order to get a refinance. I think it would be difficult for you to get a refinance for the 3 properties together. I would suggest you to have a word with your present lender and check out if he is ready to refinance the loans.
Hi Sleeper,
Most lenders would not be ready to give you a loan for a second property. If lenders find that you have excellent credit score and a stable income, they may consider giving you a second mortgage.
_________________
Procrastination is the enemy of your financial success |
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sandra couch
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0.10 Dollars($)
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Post subject: mobile home with judgement on land |
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I purchase a mobile home and 1.2 acres of land 7 years ago, the seller
took back the paper and i have made all but 5 payments, The purchase
price was $57,000. The monthly payments have been $518.00.
The seller recently got into financial trouble and since the land was still
in his name till the note was paid, the bank put a $30,000 judgement on
my land. Now the Bank wants the 11,000 which is the appraised value of the land or they are going to auction
my land to pay off the sellers debt. I have the title to the mobile home.
I and my husband have less than perfect credit and we are having a
hard time finding someone to finance the land, We are willing to use
the mobile home and land. Can you help.
Sandra at Sgenecouch1958@ yahoo.com |
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fmgarner
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0.10 Dollars($)
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Post subject: doublewide and land |
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| I have been threw 2- 5 year loan and all I want is a FHA/HUD 30 year loan at a price I can afford. I am coming due for a 3rd time for the 5 year loan. where can I get a mortgage and get a little money to finish the projects on the land and maybe remodel the house because it does need it. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Hi Sandra,
As the bank has placed a judgment on the property, then it would be difficult for you to get finance for the property. The lenders will want you/seller to clear off the judgment and then apply for a loan. You should ask the seller to clear the dues immediately or you may have to lose the property. I would also suggest you to have a word with your attorney and take his suggestions in this regard.
Hi fmgarner,
You should contact FHA lenders and apply for a loan. You should have a minimum credit score of 600-620 in order to qualify for a loan. You should not have large number of negative items on your credit report. Apart from this you will have to give a down payment of 3.5% to get a FHA loan. You can speak to the lenders of this community and seek a no obligation free mortgage consultation in order to know what type of rates and terms you would receive.
_________________
Good is the Enemy of Great. |
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tycerda
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0.10 Dollars($)
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Post subject: trade ins? |
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| I have a mobile home with clear title on it. Is there anything I can do with that?? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10033
Location: Alaska
919.88 Dollars($)
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Post subject: |
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Hi tycerda,
Do you want to sell off your mobile home? If yes, then you will have to list the property in the market and check out if you can get buyers for your property. You can even use the property as collateral and get a mortgage for home improvements, paying off credit cards, medical bills, etc.
Feel free to ask if you've further queries.
Sussane |
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just curious
Guest
0.10 Dollars($)
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Post subject: existing manufacured home and land loan? |
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| im looking into trying to purchase a forclosed on munufactured home on bout an acre of land. What is the best way to go with lower credit standings and not alot to put on down payment? |
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kiminflorida
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0.10 Dollars($)
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Post subject: why would anyone buy a mobile home right now??? |
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Just my 2 cents but why would anyone buy a mobile home--they never appreciate--they only would if they were on a great peice of land that appreciated but the mobile home never apppreciates.
I think if anyone is thinking this is all they can afford they should check actual home prices and they may be surprised--- the market will change in a few years and homes appreciate again but mobile homes do not! |
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