mobile home loan after bankruptcy?

[Renee]

I see all kinds of ads stating that getting a loan after bankruptcy is no problem. Well we are having all kinds of trouble:) We have family owned land that is ready to move onto, but we can not find financing. Any help? We have found a really nice home to put onto the land, IF we can get a loan.
Thanks so much.
Renee

[Sillymomof3]

We had the same experience and after MUCH searching we finally found a lender that offered us an FHA loan. They have very strict guidelines though, for instance, bankruptcy should be 2 yrs. discharged, no late payments since then, etc. And I don't think (not sure tho) they will finance single-wides or used homes.

A huge word of caution though, if you do go with FHA, make sure your lender or dealer is very knowledgeable with FHA guidelines for MH set-up because we are in quite a mess with that now.

Someone had also once mentioned to us another type of new (govt. backed I think) loan program similar to FHA. It was called the Back on Track loan (or something like that) for people with bad credit. Try searching the web for more info about it.

Don't give up. It took us months to find someone to finance us and you will eventually find someone too! Good luck!!

[Renee]

Thanks for the info:) I will look into that Back On Track Loan!

Renee

[rmurray]

There are no programs that I am aware of for home only finance..If your family is willing to give you the land and involve it in the loan..FHA will finance you if you have reestablished credit...

[Renee]

We are in the process of begging for the land, since it rightfully my husbands anyway, it was his deceased fathers who left it to his sons once they were of age and mom mysteriously never gave up the deed. Now u get it:) We are even offering to buy altho we shouldn't have to.
Live & learn.
Renee

[rmurray]

If there will be family problems..it might be better to look at land somewhere else...FHA will finance the land with the home..with down payment assistance the cash commitment can be low..

Candidly...do not try to pit your husband against his mom...she is blood and blood will always prevail..

[Renee]

Believe it or not, I haven't said a word:. She honestly doesn't care if we live on the land she just won't deed it to us for some reason, says its an asset. maybe so:)
We would look at other land but hubby wants to be where his father was before he died. Sentimental but true.
Thanks
Renee

[Sillymomof3]

Your situation sounds so much like ours was! My hubby's parents also "gave" us land to live on, but would not deed it to us. We thought that with the land we would have no trouble getting a loan a year or so after a bankruptcy. If we had known they had no intentions of deeding us the land, we might have fought harder at avoiding the bankruptcy altogether.

And my hubby also insisted on living on the land no matter what, because his parents bought it for him and he felt sentimental about it, too, and he did not want to make them upset. We would have probably just bought a house somewhere else had it not been for that.

There is a happy ending though. After 2 years of us barely getting by in a very small singlewide, his parents finally did give us the land. And we were able to use it for the double-wide we have now. Like I said in the previous post, just don't give up! Maybe when your mom-in-law sees that you are totally back on track for a while, she might budge!! I think that is what my in-laws were waiting for, to be sure that we had learned from our past mistakes and would start living within our means better! Good luck!!