The Manufactured Housing Forums

Hi!

Does anyone here have any knowledge about financing a double wide they'd like to share?

Here's my question:

My husband and I are interested in ordering a double wide. We are selling our current house, and buying some land. We will pay cash for the land,and will have 25,000 to pay down on a double wide. It will be based on his credit alone, because I don't have any income. His FICO score is 582.

I recently talked to a salesperson and their main concern was that I had two late payments in the past 12 months. Long story on why I was late.... I've been having to care for my grandmother and I let two van payments go 30 days.

We net about 50,000 a year, and pay out $900 a month in a truck and van payment. That's our only debt we have.

Does it sound like we could get financing? She acted so doubtful......

Thanks!

Yes, you do have a chance, but I would consider a Modular home (state coded), the terms would be better and less headache in getting the financing.

The concern the salespersons had was that FHA pays a lot of attention to the last 12 months...

Find a dealer you can trust....Let him/her help you...With your high equity, you should have little problem...