Posted on: 16th Dec, 2005 08:27 am
I am trying to find a personal loan using my Mobile home as collateral. Our Mobile home is paid off and we own it. Value is probably around 55,000.00. We are looking to try to get a 10,000.00 dollar loan for repairs and improvement the only problem is our credit is not well at all. Is there any hope for us. We need a new roof and new windows and other needed work.
To Guest,
With no credit and no down payment, you will not qualify for a mobile home loan. Even getting a personal loan is not possible without good credit scores and sufficient income. You may check with the current owner if he would like to do an owner financing agreement to help you with the purchase of the home.
With no credit and no down payment, you will not qualify for a mobile home loan. Even getting a personal loan is not possible without good credit scores and sufficient income. You may check with the current owner if he would like to do an owner financing agreement to help you with the purchase of the home.
we have a double wide with a clear deed, tyhis is next to our main home. I want to finance this . Our credit is very bad, below 500 because we went with a credit counciling agency for our credit cards, do you have any sugestions on what type of loan we need?
Hi Cindy,
It will be quite difficult for you to qualify for any type of loan with a credit score of below 500. You need to improve your scores to somewhere around 600 to 620 at least to be able to get a loan. Moreover, financing of used mobile homes is not as easy as it used to be a few years back. Only a few lenders still offer loans against old mobile homes in this market. When you have bad credit, finding a mobile home loan lender becoes really a difficult task.
It will be quite difficult for you to qualify for any type of loan with a credit score of below 500. You need to improve your scores to somewhere around 600 to 620 at least to be able to get a loan. Moreover, financing of used mobile homes is not as easy as it used to be a few years back. Only a few lenders still offer loans against old mobile homes in this market. When you have bad credit, finding a mobile home loan lender becoes really a difficult task.
I own my manufactory home 2001- worth 60.000 but my credit score 490- what are my option ? I dont own the land
To guest,
The credit score you have mentioned is too poor to get you approved for any loan. In the current market scenario, you need to have a minimum credit score of 620 to qualify for a loan. Any credit score of below 600 is not quite enough to get you a loan these days. Unless you improve your credit scores, you do not have any chance of qualifying for a mobile home personal property loan or a mortgage loan.
Have you checked your credit report? Is there any negative mark on your credit like charge-off, etc.? Did you have any foreclosure or short sale in the recent past?
The credit score you have mentioned is too poor to get you approved for any loan. In the current market scenario, you need to have a minimum credit score of 620 to qualify for a loan. Any credit score of below 600 is not quite enough to get you a loan these days. Unless you improve your credit scores, you do not have any chance of qualifying for a mobile home personal property loan or a mortgage loan.
Have you checked your credit report? Is there any negative mark on your credit like charge-off, etc.? Did you have any foreclosure or short sale in the recent past?
no I didnt check but was told my score was 490 I dont have -foreclosure or short sale
Hi help,
You ought to check your credit report first and find out the derogatory items that are causing your scores to go down. If you did not have any foreclosure or short sale or any charge-off, etc., your scores should not be so low. There could be inaccurate information or wrong listing on your credit report. If you have one, you need to dispute that wrong information with the credit bureaus and have it removed from the report. There could also be some very old accounts showing on your credit report. If they are past the SOL, you can have them removed from your credit report.
You ought to check your credit report first and find out the derogatory items that are causing your scores to go down. If you did not have any foreclosure or short sale or any charge-off, etc., your scores should not be so low. There could be inaccurate information or wrong listing on your credit report. If you have one, you need to dispute that wrong information with the credit bureaus and have it removed from the report. There could also be some very old accounts showing on your credit report. If they are past the SOL, you can have them removed from your credit report.
Mobile home and 2 acres are ppaid off ... worth about 45k (assestment value for taxes) I could easliy sell it for 60k.
I make 80 to 90k a year.
Thanks. I need about 45k.
I make 80 to 90k a year.
Thanks. I need about 45k.
Its a 1987 single wide. 16x80 land also has 2 car garage on it.
My credit is good.
So far all I can find is a credit union that will do the loan, but varible intrest only. I'm a little scared of that. I would prefer a loan that is locked in.
Thanks.
My credit is good.
So far all I can find is a credit union that will do the loan, but varible intrest only. I'm a little scared of that. I would prefer a loan that is locked in.
Thanks.
to jeff,
your mobile home is quite old. in this market where lenders are hardly making any loan against used homes, im not sure if you will have many options to choose from. its true that variable rate of interest does involve some sort of uncertainty. i believe taking at least a hybrid adjustable rate mortgage would be better, even if you do not get a fixed rate mortgage. you can have a 5 or a 7 year arm and take advantage of the fixed rate of interest for the initial few years. then you can refinance the loan at a fixed rate when the market improves.
there are many lenders in this community. you can go for a no-obligation free mortgage consultation with them and check out what mortgage options you have in your situation. in case they offer fixed rate mortgage and you meet the eligibility criteria, they will offer you free mortgage quotes, which you can compare to choose the best loan option available to you.
your mobile home is quite old. in this market where lenders are hardly making any loan against used homes, im not sure if you will have many options to choose from. its true that variable rate of interest does involve some sort of uncertainty. i believe taking at least a hybrid adjustable rate mortgage would be better, even if you do not get a fixed rate mortgage. you can have a 5 or a 7 year arm and take advantage of the fixed rate of interest for the initial few years. then you can refinance the loan at a fixed rate when the market improves.
there are many lenders in this community. you can go for a no-obligation free mortgage consultation with them and check out what mortgage options you have in your situation. in case they offer fixed rate mortgage and you meet the eligibility criteria, they will offer you free mortgage quotes, which you can compare to choose the best loan option available to you.
I am in need of a loan around 6,000.00 I paid cash 26,900 for my single wide trailer it is a Fleetwood 2005 16x80 ft.it is on a lot in a park will you be able to help me Joan Andress
Hi Joan,
If there's enough equity in the property and your credit scores are good, you can get a loan of $6k using the mobile home as collateral. However, not many lenders offer loans against used mobile homes in this market. In that case, you can obtain a personal loan of $6k. The interest rates on personal loans are generally high, but if you have an unblemished credit, you can get a loan at an affordable interest rate.
If there's enough equity in the property and your credit scores are good, you can get a loan of $6k using the mobile home as collateral. However, not many lenders offer loans against used mobile homes in this market. In that case, you can obtain a personal loan of $6k. The interest rates on personal loans are generally high, but if you have an unblemished credit, you can get a loan at an affordable interest rate.
Do you know if there are any mobile home loan programs for age 55+. I am in this catagory and interested in purchasing a mobile home.
Thanks.
Thanks.
Hi jginfo,
Your query has been replied to in the given page:
http://www.mortgagefit.com/mobilehomeloans/programs-available.html#174997
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/mobilehomeloans/programs-available.html#174997
Take a look at it. Hope it helps you.