Posted on: 02nd Jan, 2009 07:15 am
I recently forfeited my house to foreclosure and my credit score in probably in the 400 range. I plan to save some money for a down payment (40 or 50%) for a mobile (selling for 50k) on rented land. I have had the same job for 16 years ($43500) and it is pretty secure. What are my chances of securing a loan to finance the balance? I just lost my home 12/08 and was hoping to buy by fall of 2009.
epele, mobile home lenders are going to be equally critical of your credit as will conventional mortgage lenders (and fha). frankly, scores below 600 will cause you some trouble, so a score in the 400s isn't likely to bring smiles to any mobile home dealers.
as a general rule in the mortgage game, you've got a 2-3 year wait after a foreclosure anyway (maybe more by the time this ink gets dry), so a purchase in the fall, only 9-10 months after the foreclosure looks like a no-go. i was going to say long shot, but they come in sometimes.
maybe you can find a compassionate and wealthy soul who's willing to go out on a limb, but i would have to guess that it's a precarious perch and you'll find not much enthusiasm anywhere.
as a general rule in the mortgage game, you've got a 2-3 year wait after a foreclosure anyway (maybe more by the time this ink gets dry), so a purchase in the fall, only 9-10 months after the foreclosure looks like a no-go. i was going to say long shot, but they come in sometimes.
maybe you can find a compassionate and wealthy soul who's willing to go out on a limb, but i would have to guess that it's a precarious perch and you'll find not much enthusiasm anywhere.