Posted on: 04th May, 2010 11:58 am
I am currently in the process of short selling my home because of health issues/lost of income/death of mother. The sole income is from my husband I no longer bring income home. We have poor credit probably in the 400 we have not paid a mortgage in about 20 months. My question is will we be able to purchase a mobile home in a mobile home park??? The most we want to spend on a mobile home is 25000 total.
Hi mycookiebaker,
Immediately after a short sale, you won't be able to purchase a mobile home. You will have to wait for 2-3 years in order to get a loan. Also, with a credit score of 400, no lender will be ready to give you a loan. You should have a credit score of at least 620 to qualify for a FHA loan.
Thanks
Immediately after a short sale, you won't be able to purchase a mobile home. You will have to wait for 2-3 years in order to get a loan. Also, with a credit score of 400, no lender will be ready to give you a loan. You should have a credit score of at least 620 to qualify for a FHA loan.
Thanks
Thank you james. I was told a mobile home purchase is like purchasing a car not a home therefore guidelines are different. I know to buy a regular home it will be 2-3 years because of FHA will not qualify me for another. Thanks for your response.