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jujub403 · Joined: 24 Oct 2009 Posts: 1 1.28 Dollars($)

I am interested in purchasing a mobile home and would like to know about financing i do not know my credit score do not want to put hardly anything down and would like to close next week is this at all possible?

savior70 · Posted: Mon Oct 26, 2009 5:33 am Post subject:

Hi jujub,

Credit score is one of the key factors to qualify for a mobile home loan. You should check your credit score to know if you can qualify for a loan at all. You need to have a score of around 620 to get approved for a loan. If it is less than 600, it is quite difficult to get a loan. A few lenders do offer loans even at low credit scores. But they will surely charge you very high rate of interest. As far as down payment is concerned, you need to put at least 3.5% of the purchase price. It is impossible to get loans without any down payment.

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

FHA is your best bet with 3.5% down, scores need to be 600+, you will need to get an engineer out there to do a structural inspection is about the only different condition that a conventional loan would not need. As far as closing next week, frankly, that's almost impossible, 30 days at best.

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