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137lc
Guest
0.10 Dollars($)
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Post subject: qualify as first time home owner |
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| If I purchased a mobile home and on a rental lot and the wheels are still attached and I plan to purchase a site built home, would I qualify as a first time home owner? |
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clw
Guest
0.10 Dollars($)
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Post subject: first time home owner |
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| if i currently own a mobile home that is on rental property and want to purchase a home, would i qualify as a first time home buyer? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3317
Location: Hawaii
492.11 Dollars($)
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Post subject: |
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Hi lc and clw,
If you already own a mobile home and use it as your principal residence, you cannot qualify as a first time home buyer. To qualify, you must not have owned a principal residence for the past 3 years. |
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Chris K
Guest
0.10 Dollars($)
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Post subject: poor credit mobile home loan |
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| I have a credit score of 600. I can not find a lender to even consider giving me a loan. Can anyone point me in the direction of a finance company that might give me a loan. I have someone who will co-sign and I can put up to 20% down. I cant even find a company that accepts a co-signer. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi Chris ,
A credit score of minimum 620 is required to qualify for a loan. With a 600 credit score, it will be difficult for you to get a loan in the present circumstances. Is your credit score the only reason why the lenders have rejected your loan applications? Does the manufactured home comply with the HUD-specified standards and is it based on a fixed foundation? Do you have any other debts? What is your DTI ratio?
Thanks,
Jerry |
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Someacrege
Guest
0.10 Dollars($)
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Post subject: Who do I need to go to refinance a Double wide with 48 acres |
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| I have 48 acres and fixed 2 yr old doublewide on perm. foundation, good credit for me excellent for my husband. I have vanderbilt mtg. Does anyone have any recommendations on who I can go to refiance this mortgage as my apr is almost 9%. |
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Kimberly
Guest
0.10 Dollars($)
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Post subject: Financing a mobile/modular home |
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| Does anyone know a bank that will even finance modular homes? I am looking at 2 modulars that they consider "steel beam" and no bank will finance them |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
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Post subject: |
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someacrege, i may know of a program. that it's permanently affixed to a foundation is a plus, and i assume that you actually own the 48 acres. the only other major caveat is that vinyl skirting is not allowed.
rates are probably 2 to 2.5 per cent lower than that 9% you have.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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wally
Guest
0.10 Dollars($)
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Post subject: do you make loans on homes only |
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| what is the latest you loan money on and do you loan on homes only? |
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Kk
Guest
0.10 Dollars($)
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Post subject: manufactured home loan on leased land |
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| Can you get a loan if your median score is only 555? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Post subject: |
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Welcome,
To Wally,
This is a mortgage community and there are lenders participating here who can help you in getting a loan. You can seek a no obligation free mortgage consultation from them. It will let you know whether you would get a loan or not.
To KK,
With a median score of 555 it would not be possible for you to get a loan. You should note that conventional loans are available at a credit score of 700-720 whereas FHA loans are available at a credit score of 620. You'll have to improve your credit score first and then look out for loans. Check out the given page to know more about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
_________________
Procrastination is the enemy of your financial sucess |
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dkr
Guest
0.10 Dollars($)
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Post subject: lease option to buy |
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| I am currently leasing out my manufactured home, but the lessee would like a lease purchase with the option to buy. How do I go about this? |
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anonymous in sc
Guest
0.10 Dollars($)
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Post subject: refin |
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| can i refi a mobile home even if it's my 2nd home |
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chrissy
Guest
0.10 Dollars($)
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Post subject: getting a mobile home loan |
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| hi, I am currently looking into the possibilties of a mobile home. I have a good credit score in the 700s but my fiance has a score of 580s we have been trying to get a mortgage but have not been successful because my debt to income ratio is to high to do it alone and his crdeit isnt good enough do you think there is anything I can do? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3317
Location: Hawaii
492.11 Dollars($)
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Post subject: |
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Hi dkr,
You can go for the lease purchase agreement. You will need to consult a real estate attorney and get an agreement drafted by him. Before you enter into the agreement, check your lessee's credit report and payment history.
Hi anonymous,
You can definitely refinance your mobile home, even though it is your second home, provided there is enough equity in the property. But the interest rate you will get on refinance may be higher than that on a primary residence refinance.
Hi chrissy,
This issue has been discussed on the following page:
http://www.mortgagefit.com/mobilehomeloan/high-dtiratio.html#95674 |
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