financing w/ credit problems

[Doomed to rent forever]

Chrissy,

Please offer advice! My husband and I would like to purchase a new or pre-owned mobile home. The problem is that he co-signed a loan for his dad a few years ago. We were horrified to learn that our credit is "unworkable" due to his fathers repeated and excessive delinquency in making loan payment! We have met a financial counselor; no one can help us! His father has only made 3 timely payments in the past 12 months! Is there any hope for us to qualify for a loan under these circumstances???! My credit is okay. The problem is that I make less than $12K a year!

[Chrissy]

Because each finance company and bank has their own underwriting criteria, it may indeed be difficult for you to meet their requirements. However, if you have paid your own bills on time, and especially your rent, and if you can prove it, and if your total household income is within a fairly normal range, you might be able to lease with an option to purchase. Good luck.