credit score/financing

marie · Post by **marie** » Tue Dec 23, 2003 3:21 pm

What are our chances of financing single wide home only (we will put on land) for 5 10% down if my husband and I have credit scores in the 656/660 range but enough income to easily cover the debt (pricing between 16-20K including set up, ch/a.

Thank you.

rmurray · Post by **rmurray** » Wed Dec 24, 2003 5:37 am

You should have no problem...There are no lenders who only check the score..but these scores will be reviewed and if there is no recent negative credit..no liens..no judgements..no bankruptcies in the last 4 or 5 years...you will be approved..

Do ALL you can to have 10% down..the interest rate for lower downs is MUCH higher..Also remember the lender will want to verify your downpayment..Be sure you have it in the bank for 2 months...or have good documentation (ex.. a bonus..or tax refund requires copies of the checks or documentation of the money)of where it came from..

Now...go get your home............

P.S.....This single with 10% down will have a rate of about 12%...If you can buy a double for about $40K and do a land mortgage the rate will be about 6%..and the payment about the same for the same 20 yr term..a 50K double will be about the same but with 30 year term....Compare all your options..

marie · Post by **marie** » Wed Dec 24, 2003 7:19 am

Thank you. You have been very helpful.

marie · Post by **marie** » Wed Dec 24, 2003 7:24 am

One more question if you don't mind. We live in SW MO. Do you know of manufacturers in our area who make a quality MH for 40-50k? Again, I sincerely appreciate your help.

Marty Lavin · Post by **Marty Lavin** » Wed Dec 24, 2003 7:58 am

I would think there is a good possibility, depending on your job time, payment history and any bankruptcies

rmurray · Post by **rmurray** » Thu Dec 25, 2003 7:20 am

I am not real familiar with the homes in your area...You should shop..just like you would for that single..

You might even consider a used home...there are some really good buys in the market right now..When doing a real estate mortgage...used is treated just like new in most cases..

Eric Lindhorst · Post by **Eric Lindhorst** » Fri Dec 26, 2003 6:28 pm

I would suggest that Marie check with the Missouri Manufactured Housing Association, mmha.net, for Southwest Missouri dealers. Although I don't think they endorse dealers, I believe they will have contact information for dealers in the area.
Good luck, Marie!
Eric Lindhorst

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