FINANCING!!!

[margaret wenzel]

I live in monroe, mi and trying to buy a new or used mobile home with a co-applicant, but we have past credit issues that are holding us back. We have the monthly income but can't find someone to finance, every time I think I've found someone they only handle homes on land and we want to live in a rental park. Can anyone offer me any advice please feel free to e-mail me ..thanks

[rmurray]

If your credit is damaged...There is NO possibility to finance a new home in a park at this time...Even with fairly large downpayments..Generally your credit score must be at least 620 and even then they still look for problems on your file..

Check out the parks in your area...there are thousands of repos in the market now..Sometimes (even this is becoming rare) a lender will have a home already in a park and take more chances...Or a park owner may have bought some and will do an owner finance deal...

[Mortman]

Also, there are Buy For programs. Usually this is done by a relative, but does not have to be. The home would be in that persons name until you can get yourself financed. It does however require 20% down in most cases, some will do less.
If you have credit issues this is always an option.

Good Luck.

[Mortman]

Also, get a copy of your credit report and find out what's on there, there may be inaccuracies. Not all lenders go by 620 FICO scores, Vanderbilt Mortgage, 21st Mortgage, and Origen, will buy below that level. Also depending on the amount of home you are looking to purchase FHA may be a possibility. The max amount to finance is $48,600.00. Ask your dealer about these lenders, not all will have the base of lenders but should come close. I also would not let that dealer run your credit until you are comfortable, the inquiries should not hurt your score, but the lenders will look at how many reatilers you have been to and how many lenders have gotten an application. This will give them a red flag.

[Marianne]

I'm in the market myself but in another state.I was told by the realtor that I'd be paying a premium interest rate since the land was leased. Well I shopped around & presented it as I saw it. I'm buying a home just as some buy condos. You own your living area but pay association fees monthly that cover XYZ amenities. I have been approved for a mortgage that accepts the MH on leased land as they would a condo. Get a list of ALL that your monthly fee will cover - land use, trash pick-up, community pool, common areas etc. Present that to your lenders and discuss the comparisons with someone buying a condo. Not everyone will accept but it's a legit bargaining tool. Good luck.