Posted on: 11th Aug, 2009 09:08 am
I was wondering if it would be possible to get a loan for a mobile home under the following conditions :
An Experian Credit score of 583
Past collections all of which are paid off
Auto Loan which is current, never late
Student loan which is current, never late
The purchase price of the home is 19.900, I have a gross annual income of 61,000 dollars, Total monthly loan expenses of 686 dollars, 75 dollars in credit card obligations.
I would be able to put around 2-3 thousand down
An Experian Credit score of 583
Past collections all of which are paid off
Auto Loan which is current, never late
Student loan which is current, never late
The purchase price of the home is 19.900, I have a gross annual income of 61,000 dollars, Total monthly loan expenses of 686 dollars, 75 dollars in credit card obligations.
I would be able to put around 2-3 thousand down
Hi,
You need to have a minimum of 620 credit score to qualify for a loan in this market. Rest of the information looks ok. You're current on the auto loan and the student loan and have never been late on them. Past collections are paid off. $2k-3k down payment is not bad either.
What's your debt to income ratio? The ratio should ideally be around 36-41%. However, you should first try to improve your credit score. If you keep making your payments on time, it won't take long to reach the 620 mark.
You need to have a minimum of 620 credit score to qualify for a loan in this market. Rest of the information looks ok. You're current on the auto loan and the student loan and have never been late on them. Past collections are paid off. $2k-3k down payment is not bad either.
What's your debt to income ratio? The ratio should ideally be around 36-41%. However, you should first try to improve your credit score. If you keep making your payments on time, it won't take long to reach the 620 mark.
nuclear03
welcome to mortgagefit
If you take the loan on any person's name ( spouse, mother, brother, father) who is having minimum score of 620 then it will be possible.or else you can try some instructions from my do it yourself book to improve your credit score.you just need 37 points raise....
you have down payment of 2-3 K then it is more than what required so best option is search a trusted person who will borrow on his/her name for you....
keep in touch.....
:arrow: :arrow: :arrow:
welcome to mortgagefit
If you take the loan on any person's name ( spouse, mother, brother, father) who is having minimum score of 620 then it will be possible.or else you can try some instructions from my do it yourself book to improve your credit score.you just need 37 points raise....
you have down payment of 2-3 K then it is more than what required so best option is search a trusted person who will borrow on his/her name for you....
keep in touch.....
:arrow: :arrow: :arrow: