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Which loan do I best qualify for?

Posted on: 10th Nov, 2009 05:31 am
I own a 1979 Mobile Home on my own land, valued at $60,000 in 2009. I owe nothing. My car is paid for, I have no credit cards. I am debt free. I work part time and gross $640/mth. I also make about $500/month on the side with Ebay and Flea Markets (no proof). I am 49, single, no kids. I never filed bankruptcy. I would like to purchase a Condo for $45,000 with $25,000 down. HOA fees are approx. $250/mth. I will sell my mobile home when the value goes back up to $80,000 like it was in 2007 or I will take my losses and sell by 2011, whichever comes first. I checked my credit and I have 2 unpaid hospital bills for approx. $1000, otherwise my credit is good (I don't know the score). My question is, considering my income and everything else, do I qualify for a loan for $20,000 for the condo (which I will pay off when I sell my mobile)? If so, what type of loan would be best for me? I plan to live in the mobile and rent the condo until I sell the mobile. Thanks.
Hi fln!

Welcome to forums!

You will have to contact the lenders and check out if you can pre-qualify for the loan. The lender will go through the details and let you know about it. Also, you need to check out your credit score. If it's above 700, then it would be easier for you to get a loan. You can also seek a no obligation free mortgage consultation from the lenders of this community. This will help you know whether or not you would get a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 10th Nov, 2009 10:45 pm
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