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jlhatfield · Joined: 13 Oct 2009 Posts: 1 1.46 Dollars($)

I am in a bad situation and need to get my children and myself out of a bad marriage. I have credit scores of 600, 634, and 661. I had a bankruptcy discharged in 2004 on which I let my home go. I have about $15,000 in credit card debt which was basically because I was a stay at home mom with no income but had to provide groceries, school clothes, Christmas, etc. Nothing fun, nothing to show for it. I would like to know if this debt can be consolidated in with a mobile home loan or if I should look for a debt consolidation loan. We just had a situation happen 2 nights ago and I am starting to feel panicked that I need out and fast. I am unsure how to proceed and where to look. I have been employed full time for a little over a year now with a medical billing company. The company has grown tremendously since I have been there and I am completely confident in job security. Please, can someone offer some advice? I have no family to turn to, I have just myself and I need to find out what my options are for my children. Please, any advice would be so much appreciated.

jenkin7 · Posted: Wed Oct 14, 2009 2:36 am Post subject:

Hi jlhatfield,

Your middle score of 634 is good enough to qualify you for a mobile home loan. The amount of the credit card debt is not huge. So, you should be able to include this in your loan amount. However, most of the lenders would want to see you employed for at least 2 years. Since you are employed for a little over 1 year, lenders can have a problem with that. Little or no down payment loans are practically impossible to get in this market. You will have to pay some amount of down payment to qualify for the mobile home loan.

What amount of loan are you looking at? You can check out the How Much Mortgage Can I Afford Calculator and find out if your income is sufficient enough to help you afford the mortgage.

You can also go for a no-obligation free mortgage consultation with the lenders in this community. They will consider your credit scores, income etc. and will let you know if you can qualify for a mobile home loan. In case you do qualify, they will also be able to suggest you a mortgage that suits your requirements.

Guest

Thank you, jenkin7. I appreciate your help!

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Can I qualify for a mobile home loan for little to no down payment and for fair credit?