Posted on: 21st Apr, 2007 08:40 am
my bankruptcy was finalized in january of 2006. I am looking to relocate to another city for a better paying job and have found a mobile home which I would like to purchase and was wondering how that bankruptcy is going to affect my chances of getting a loan for a mobile home. I haven\'t checked my credit score lately, should i do this? I thought maybe if I could get a loan for this purchase it would help me in repairing my credit,which im finding is very difficult to do. I'm tired of renting,been doing that for to long and always with nothing to show for it at the end. Just looking for the opportunity to prove that I have learned how to manage my income much better than I did before.
You need to check your score first to know how bad it is currently.
If its gone done a lot then you should wait for some more time before going with the purchase. To improve credit take out small loans/credit cards and keep payments regular on them that will help to improve your score.
If its gone done a lot then you should wait for some more time before going with the purchase. To improve credit take out small loans/credit cards and keep payments regular on them that will help to improve your score.
Hi American_mooncalf,
It's good that you wish to become financially stable.
Checking the score is important before applying for a loan. This will give you an idea as to whether you will be able to get a loan at a reasonable rate and fees.
You can either go for mobile home mortgage loan or a personal property loan. But personal property loans are offered at a higher interest rate compared to the former.
Thanks,
Jerry
It's good that you wish to become financially stable.
Checking the score is important before applying for a loan. This will give you an idea as to whether you will be able to get a loan at a reasonable rate and fees.
You can either go for mobile home mortgage loan or a personal property loan. But personal property loans are offered at a higher interest rate compared to the former.
Thanks,
Jerry
Hi Mooncalf,
Welcome to Mortgagefit forum.
"I am looking to relocate to another city for a better paying job and have found a mobile home which I would like to purchase and was wondering how that bankruptcy is going to affect my chances of getting a loan for a mobile home."
Bankruptcy will have negative affect on your chances of getting good rate on the mortgage for the mobile home.
But you should shop with a few lenders to get an estimate of how the offers vary from one to another rate offer. If your score has not decreased by a lot then it is quite probable that you qualify for good rates.
Colin
Welcome to Mortgagefit forum.
"I am looking to relocate to another city for a better paying job and have found a mobile home which I would like to purchase and was wondering how that bankruptcy is going to affect my chances of getting a loan for a mobile home."
Bankruptcy will have negative affect on your chances of getting good rate on the mortgage for the mobile home.
But you should shop with a few lenders to get an estimate of how the offers vary from one to another rate offer. If your score has not decreased by a lot then it is quite probable that you qualify for good rates.
Colin