financing help

[sheryl]

Hi,

I need some help. My husband and I are looking at buying a mh. We have the land and are looking for a home only loan. Husbands fico is low at 580 after disasterous divorce. He is also self employed. My score is 680 but i am a stay at home mom. The question is does anyone know if I can get the loan in my name only with my better credit since we are married??????
Thanks in advance.

Sheryl

[rmurray]

No....home only loans are probably out....but you should not be afraid of a land mortgage...the ratre will be nearly half and credit qualifying is much easier...

The only home only that might work is the FHA home only program at 21st Century Mortgage and Finance...rate will be over 12%...They do do both new and used homes on this program...

[dru]

When you say you have the land, is it already prepared for the MH? We will be able to get a good rate because we are financing both the MH and the land improvements (foundation, drive, electric) with a construction loan. We own our land outright and will be using it as equity (the land, home, and improvements will be appraised together).

[sheryl]

Thanks for the questions. Yes, the land is improved with well,road and power.
Site is also prepared. We do not have the foundation in yet.
The lenders we have talked to want to tie up our land with the home. We dont want to do that.

Thanks
Sheryl

[Mac]

Do you own the land outright, or do you have a mortgage on it? If you have a mortgage, I would refinance and do the home/land together. The interest rate should be in the 6% range, much lower than home-only. If one of you owns the land and wants to continue - say if there were later issues in your marriage - this would be very difficult. You need collateral for the loan. The land will get you 6%; otherwise, only the home would be collateral... and its value, on its own, will drop. Also, it's rather immobile.