The Manufactured Housing Forums

Hello,

I am looking at buying a new mobile home in Maine to place in a park. My question concerns financing.

First off, I do not have bad credit. The little bit of credit I have is good. With that said, Unfortunately, I have a very limited credit histroy. I recieved my first credit card 2 months ago. I have been using it and paying it off for two months now, and it shows paying as agreed for two months on my credit report. Also, I just received my second credit card, and will be doing the same with it. It should start reporting soon.

That's it. That's all of my credit history.
Now, like I said, I would very much like to purchase a new mobile home. Do you think I could get approved for a loan at this point? If not, how long do you think it will take with my two credit cards to build enough of a history to get approved?

My second problem is my income. It is very small, but with my fiance's income, we can show $2700/month consistently for the last year. He has a very stable job, but very bad credit, so he will not be going on the app., just his income for total household income. I don't believe it will be a problem for us, but just making sure.

Any information comming from a knowledgeable source would be greatly appreciated.

If you plan on including his income most lenders will also want to look at his credit history. You can not include one without the other. You can certainly try to get a loan, especially if you have a good size down payment. That will offset some credit problems.

Many people who feel that their credit is not good enough for a loan have found that their credit report reads differently then they might have assumed. You should each get a Free copy of your Credit Report so you can know exactly what the finance companies will see when you apply for a loan

Would you like to know exactly how much mortgage money can you qualify for? Exactly how much can you spend when you go shopping for your next home?

You can find out the exact amounts, including down payment and monthly payment quotes from multiple lenders. Comparison shop for manufactured housing loans in your state or across the country. Find the one that works best for you and lock in today's low rates now!

You can also get a No Cost, No Obligation. loan pre-appproval ONLINE HERE to find out how much you can qualify for and afford.

Your questions are good ones, and I am not sure of where you live, but where I live, if you count the income, and it's not on your taxes as an additional source of income, that person must appear on credit app and title.

Where we live, a FICO score of 640 is sufficient to get a loan. The more the down, the better the FICO, the longer at a job and last address, the better the interest.

Most of the time, 50% down is an almost automatic yes for lending. There is also, a stated income lender who might charge more interest, but easier to deal with.

There are lenders for people who are struggling, they are sub-prime lenders or hard money lenders. Be careful of the bottom line on your loan.

You could also, in the mean time, go to the three major credit reporting companies, look at their procedures for cleaning up his credit and start doing that ASAP - so you can raise his score.

I know of one person personally, who raised his FICO score 130 points in less than two weeks by being aggressive.

Good Luck
Deborah Coss