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use of land equity for mobile home purchase

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xandica1 Joined: 11 Sep 2010 Posts: 1 1.00 Dollars($)	Posted: Sat Sep 11, 2010 10:01 am    Post subject: use of land equity for mobile home purchase Like 0 Dislike 0 Hi I own 4 acres in upstate NY, (free & clear). I want to use the equity of that land to purchase a home on that property. My credit is poor, but have been employed for over 3 yrs at the same company. I've spoken with a mobile home company that is literally around the corner from my property, and they handle everything from A to Z, ....construction, electric,..etc. I'm eager to jump on it,... but want to know what's the best option for me in this scenario?? Thanx, Xandica
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Sep 12, 2010 10:07 pm    Post subject: Like 0 Dislike 0 Welcome xandica, With a poor credit, it would be difficult for you to qualify for a mortgage. In order to get a conventional mobile home loan, you should have a score of around 700-720 whereas to get a FHA loan, you should have a score not less than 580. If you don't satisfy this criteria, I don't think you'll be able to get a mobile home loan. _________________ Procrastination is the enemy of your financial success

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