Trying to help Mom & Dad

[MrsWnchstr]

I have several questions about the possibility of getting my parents into a home/land package. Many problems seem to be in the way of them going this route though. Primarily being his limited income. He is retired, receiving SSI, and a pension from his union, but that only brings him about $1500 per month. He has no bills, per say, other than utilities, etc. My parents declared bankruptcy about 5 years ago, but my dads credit isn't much better due to medical bills that were "supposed" to be covered by his health insurance, but were excluded for whatever reason. My mom's credit is decent, she has a credit card, with a small credit limit, but nothing else. My father is also eligible for a VA loan, but it's my understanding it's harder to get a VA loan for a mobile home, than for a "regular" home, which is also not out of the question. I like the idea of having a "new" home for them, since the place they live in now, could probably be considered condemned if called upon on the right day. Sorry for all the questions, hope someone can give me some answers. Thanks, Mrs.Wnchstr

[rmurray]

Credit issues are hard to analize on a forum like this...

Your dads income is enough to qualify for most mortgage programs...depending on your location..In my area..you can buy nice packages for as little as 45 to 50 K...Well I see here on this board where land prep alone costs that much in some parts of the country..Your dads income would justify up to about 60k in home and land..

VA mortgages are the have the same qualifing rules for manufactured homes as stick homes...But bad credit after a bankruptcy might stop a VA loan of any sort..

What you need is a mortgage originator that has many programs available to him/her to consult with..Unfrotunately it is hard to find good originators willing to take the time for this small of tough to place loan...but they do exist...Try talking to local dealers....maybe buy a copy of their trimerged credit report with scores..These can be had online for about $45...but if you do this..you can carry it with you to get info from many folks...

If all eles fails...have you thought about buying it for them..or with them...many mortgage companies allow second parties to buy the home or co buy the home...