Bad Credit

[Kay]

I have to admit that my credit is bad. Knowing that I can't afford a site built home, manufactured homes look more affordable. Is there a bank or credit place where I can still be able to get a loan to finance a mobile home and land package despite my bad credit. I want to move to Florida.

[rmurray]

Banks are not much in the habit of financing those who have proved they will not pay the bills...

Financing will depend on what you mean by "bad" credit...If you are in Chapter 13 bankruptcy..and have paid over 1 years of the payments..all on time..you have a chance..

If you have had a Chapter 7 bankruptcy...you should have at least 12 months of reestablished credit for them to consider..

If you are late now on bills...not much chance..until you have 12 months of clean credit..

If you have large collections...unpaid repos...judgements..liens..No loan until things are worked out...

There is a lender who has a credit program that involves a credit..homeownership school..If they accept you...and you finish the program..they guaranty a loan...

Wells Fargo...Try looking up the office in Springhill, Florida and ask for Lynn..

[donny]

How about a bankruptcy 7 yrs ago and 90 days past on a house payment (extenuating circumstances) from July - Oct 2002?

[donny]

forgot to say we are waiting to buy til we have at least 10K for down & closing

[rmurray]

Ouch..the bankruptcy is not any problem..but the 90 days on the house will be...

You probably will be able to get a loan...but only from a subprime lender..meaning something higher than the very good rates right now..probably about 8 to 8.5%..

$10,000 down sounds like a lot...but in house speak is not a large down..You will most likely need that much to get qualified..Good Luck

[donny]

That's kinda what we thought. The thing that stinks about the 90dys past is that I was in contact with the bank the whole time. We had a property we were renting (had moved out of state and it would not sell) and as soon as my renter called and said she was moving (2weeks notice) I called the bank and told them we could not make next month's pymnt and set up a plan. Within 2 weeks we were applying for a short sale program to sell the house since the market had turned and it would not sell for what we owed. We had a buyer the following month and because of the bank reps stupidity we did not close until the beginning of the third month past. So the account is paid off now. I guess it was our own fault for thinking that since we were working with the bank our credit would be protected. We didn't find out that it was on our report until about 6 months after that. Literally makes my stomach turn when I think about it. I would have borrowed money to pay it had I known...

Thanks for your reply.

[rmurray]

It is possible for that bank to change the rating in the CB's...Maybe a frank talk with someone in authority at the bank will help..

GEE...you had a stick home that would not sell for as much as was owed????????????

[Bill]

The 90 day late is bad, but personally I don't think it should be a show-stopper by any means, especially with a decent down payment, and it was quite awhile ago. Many lenders will ask for an explanation for late payments. And in your case you don't have a history of it being habitual. I wouldn't sweat it. Good luck in FL. Wish it were ME moving down there!