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Advice on covering the costs

Posted on: 22nd Jun, 2009 08:34 am
Hi.

I'm interested in a loan to cover the cost of land purchase and sewer/electrical hookup costs.

I've just finished school and had a job, but lost it when the economy dipped because I was new. I've gotten a new job that pays very well in the city that I grew up in, but during the time between jobs I've been incredibly strapped for cash, and while prior to now, I've been very good about paying my debts - during this period I fell behind and my credit score dropped from 690 to 500. Also, I'm working as contract labor who has yet to file a tax return, so that comes into play vs. me having a pay stub to prove income.

Come the middle of this week I will have the debt paid off. I'm also currently living with my parents so I desperately want to move. I intend to pay cash for the mobile home which will be valued around $25,000. All I need is some form of loan around $10,000, probably less, to cover the moving costs, land purchase, permits and all the other things that go along with it.

I was thinking maybe a Personal Property Loan, but I'm not sure exactly how they work, and if I would have enough collateral in the home to get a respectable interest rate.

I don't know if this can be done, but my parents credit score is 780 and they would be willing to cosign the loan, and are in good standing with all the local banks.

Any advice on what my best options are would be greatly appreciated.
dark_atreides
whether is there any mortgage loan is still owned by bank on the property where your parents currently live?

If not then it will be a great opportunity for you to mortgage the existing property of your parents and easily your parents will get loan , which you can use for the payment towards mobile home.

Collateral amount lot more depends on the property's current listed value. so you may first need 300-400 USD to get the appraisal done from a qualified appraiser.generally they are appointed by banks, so you need not worry.

:arrow: :arrow: :arrow:
keep in touch........
Posted on: 22nd Jun, 2009 11:05 am
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