Land as down payment?

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Icon Mini Profile kbashak





Joined: 05 Aug 2009

Posts: 1

1.28 Dollars($)
Post Posted: Wed Aug 05, 2009 2:14 am    Post subject: Land as down payment?
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I currently have an old DW mobile home on a large lot. I own both outright. Would like to purchase a newer home to replace my old one using my land as down payment. My credit score is under 600. Any suggestions?
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
261.85 Dollars($)
Post Posted: Wed Aug 05, 2009 6:42 am    Post subject:
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Hi,

Getting a mobile home loan using your land as collateral will not be easy in this economy. You need to come up with some money from your own source to make the down payment. FHA loans require only 3.5% down payment. Other conventional loans need more money in down payment. However, the credit score required to get a FHA loan,or any loan for that matter, is 620. You need to improve your credit score to at least 620 in order to be able to qualify for a loan.
Icon Mini Profile kbkevin2009





Joined: 28 Jul 2009

Posts: 68

17.69 Dollars($)
Post Posted: Fri Aug 07, 2009 12:42 am    Post subject:
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First of all, you need to improve your credit score up to 620 so that you can qualify for FHA loan... And lenders require you to arrange some money from your own sources... Simply providing your land as collateral will not serve the purpose....
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