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Mobile home loan for self employed - Is it available?

Posted on: 07th Jul, 2006 02:33 pm
I am looking at borrowing around $20,000 and I have a mobile home that I can use as collateral. It is a 2004 Fletwood 16 x 80. It is payed for in full. My credit is excellent my score is 761. My problem is that I am retired and self-employed so my income is only $1250.00 a month. I also need this money as soon as possible. Can you help me at all

Thank you,
Ron
Posted on: 07th Jul, 2006 03:05 pm
Hi Ron,

Welcome to MortgageFit Forums.

As Colin said it is not easy to get a mobile home loan with stated or no doc. Although I don't wipe out possibilities especially you have very good score.

You can get a mobile home loan but may face some restrictions. The lenders may like to see your business running for at least 2 years.

Some other proofs that may be required are 2 years business licenses, tax returns in the business name, professional license etc.

Also, most likely you have to verify your income to qualify for the loan. There is least possibility for a lender to agree on a stated income or no income documentation for mobile home loans.

You can do a no obligation free loan sign up with us so that we can forward your request to our network of lenders. They will contact you and discuss with you about your requirement and the probable options.

Feel free to ask if you have more queries or face any further problems.

God bless you.

For MortgageFit,
Samantha
Posted on: 07th Jul, 2006 03:16 pm
Most recent federal income tax returns will be required to be shown. Also your home must qualify for the minimum HUD requirements.
Posted on: 07th Jul, 2006 03:39 pm
I have filled out a fafsa form and was denied help. I am 24, married, have no children, and own my own home. I'm interested in enrolling in LPN school which is 40 hours a week for 11 months. The school suggested I not work at all during the program. My husband doesn't make enough money to pay the bills by himself. what should I do? A frien suggested a mortgage forbearance?
Posted on: 13th Oct, 2006 04:24 pm
Hi Cass,

If your husband is not able to keep up regularly with the mortgage payments then your husband can discuss with the lender about the forbearance plan.

It is an arrangement where the lender can allow for a repayment plan based upon your husband's financial situation and may also allow for temporary suspension of the payments until the financial situation improves.

Vakov
Posted on: 13th Oct, 2006 04:53 pm
Hi Cass,

You can have a look at the article about forbearance to know more about how the forbearance plan can be started after consulting the lender.

Thanks
Colin
Posted on: 13th Oct, 2006 06:53 pm
Hi Cass,

Why ask for a forbearance plan, you can take up some freelance job that will allow you to earn extra money by working from home and pay for the course you want to enroll for. There are a number of freelance websites providing various types of jobs for which you need to work from home. I guess this option may be suitable for you. It can also help you to assist your husband in paying down the bills.

You can also make a monthly budget as per your husband's income and try to save a certain amount by cutting down the expenses. Our lessons in budgeting can help you in this regard.

Refer the sections on How to Plan a budget and How to increase savings .

Hope this will help you.

God bless you

Samantha.
Posted on: 13th Oct, 2006 09:30 pm
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