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I have a chance to buy a great used mobile home at a great price. I currently am renting and buying this home would reduce my expenses a great deal.

My credit score is around 660. I currently have a salary of $35000.00 per year. My monthly expenses with credit cards and an auto loan are around $600 per month. The lot rent for the mobile home is at $450.00 per month.

I have recovered from a bankruptcy in 2004 with extremely hard work. I have no bad marks since the bankruptcy.

I am looking for a personal loan to purchase this home and pay an early termination fee on my apartment. This would be around $12000.00 total for the home and early termination fee.

Can I get help for this from anyone? Thanks

jameshogg · Posted: Fri Oct 31, 2008 12:00 am Post subject:

Hi truckinmadam!

I think you will be able to get personal loans because your income is quite good and your credit card debts are also not too high. The lenders will offer you personal loans to buy mobile home. I would have suggested a mortgage if the lot was not rented. Personal loans come at a higher rate of interest than mortgages. To know more about types of mobile home loans, you may visit the given link:
http://www.mortgagefit.com/mobile-homeloan.html#types

Thanks.

greg1 · Posted: Fri Oct 31, 2008 8:40 am Post subject:

I agree that you may qualify for a loan to do this. However, I am concerned that if you only use the singlewide as collateral you may struggle without investing some of your own money into it. 12k is a high amount for a personal loan. Banks will still be hesitant to deal with you due to the prior bankruptcy. You may want to call Greentree and see if they can help. The majority of mobile home loans I see that sit on leased land are through them. It may be a better idea to obtain the early termination money and possibly a down payment seperately through an unsecured personal note. It is quite possible a bank would entertain that and if not a finance company would.

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Personal Loan to purchase a mobile home