First time buyer with bad credit

[Gwen]

I live in GA and am thinking of purchasing a mobile home but have been
told that I have to buy the land that the mobile home sits on
Doesn't make a lot of sense to me because I would place the mobile
home in a park not on land that I own Can someone clear this up for
me
Also, looking for someone who would finance a mobile home for someone
who has bad credit

Thank you

[rmurray]

If your credit is that bad..it will be hard to get financing to put the home in a park...

This type of finance has proved to be very costly to lenders and they now will require VERY good credit to buy on these terms....There is 1 company that will finance anyone with 40% cash down for park placement..so you can get financed but the down payment would be VERY large..

Some lenders will be a little easier if you buy a repossessed home from them..but BAD credit will still require a large downpayment...20% on doubles..maybe 15% on singles...

The dealers are suggesting that you buy some land because that type of land home finance is a little easier to get..but recent BAD credit can make even this type of finance hard to get..

[nerak]

Hi,

I'm a victim of fraud in which there is negative information on my credit report. I have taken the necessary steps to get that information removed; however, I haven't been able to get all of it off. As a result of that fraudulent activity, my credit score is currently 522. I too am interested in purchasing a maufactured home in a park. What advise could you give me? Is there anyone who would grant credit for a loan to purchase a manufactured home in my case?

Thanks,

nerak

[John and Linda]

We are John and Linda Young, residing at 300 Arbor Vitae Drive, The Evergreens. Marshall, WI 53559, 608-655-3082, cell 608-320-1096. On September 27, we signed a basic one year lease (with intent to buy) for our 1999 SkyLine Pre-Manufactured Home, putting a down payment (earnest money) in the amount of $2500.00 to the owner of the home and $350.00 monthly is going towards paying the house down. This was so that John and I could arrange financing and were waiting for our VA Certificate of Eligibility (on a VA home loan, which came through amazingly fast, we received it on October 22.) The home was priced at $44,900. We are very thankful that the original owner of this place is so willing to work with us in our endeavor. We've been running into dead ends because this is not considered ‘real estate’. We’ve also discovered that finding a financer where we could utilize our VA home loan is next to impossible. Our goal is to find financing when our lease is up for renewal in September 2004. At that time we will have paid our Land Lady the total of $6700. that; (per hers and my phone conversation on March 30, 2004 can be applied as a down payment). We currently have an additional $1000.00 and anticipate future savings. Our personal goal is to have secured close to a 20 percent down payment towards orginal purchase price of $44,900.00 or as close to that as we can.

Together John and I make an income of approximate $50,000.00 per year; we’ve worked extremely hard to re-establish a better credit record after both filing for bankruptcy over 2 years ago. We are attaching copies of our discharges for review, as you can see we are coming up on 3 years. John’s credit rating is 633 and Linda’s is 589. Linda has recently paid off her one open collection, a medical bill in effort to improve her rating. Can provide proof of paid in full.

Now we've searched high and low but to no prevail. Now I'm throwing this out for the world to see. What's wrong with this picture? By the time we've paid the house down in September of this year wie will only owe 38,2000 Now that's like financing a f__king truck. Anyone out there know where we turn to? Thanks. my email is [email protected] Thanks......Linda

[Jennifer/Carteret Mortgage]

Please call me to discuss at 509-276-9015.

[rmurray]

Va is not the right plan..credit requirements are quite strict...VA home only finace will require 5% down as well...

There might be lenders who can help...try some of the service of this web site...Unfortunately a collection after a bankruptcy can hurt you very badly...

You need FHA finace...there should be some lenders around...You will have to invest 5% cash...and the home will have to be appraised...You will have to check your credit files and be sure all errors are corrected and you will have to show at least 4 accounts paid perfectly for the last 12 months...One of these should be the rent on the home...rent on the land... and others could be electric..phone....anything you pay regularly and well..There are lenders listed on this site who do FHA business....21 Century come to mind..

[Gwen]

I saw your reply on the mobile home forum for first time buyers and
wasn't sure if it was directed to me or to someone else on the disscusion
but here's my story not sure if you can help



I'm looking to purchase a mobile home, either a used one or maybe a new one that is in a park here in Stockbridge GA Not sure if you would have a finance company that can work with someone who has very bad credit I had a home foreclosed on about 3-5 years ago and went to file for bankruptcy but never went to court because I felt like the lawyer was not looking out for my best interest Could only pay about 500.00 a month in lot payment and house note
I am currently living with my parents and I'm just looking to get out on my own I'm not sure if you or someone you might know can help but I am hoping that someone will give me a second chance

Not sure of the price of a mobile home just know that I'm looking for a doublewide with at least 3 bedrooms but am willing to take just about anything so that I can be on my own looking to see if any company is willing to finance me with my credit problems

If you can help me or if you know of any company that might be willing to help me please contact me at the numbers below
I do have a credit report that was pulled in Feb 2004 and the highest score is 522 I could fax it if you'd like to see it

I do not have a great amount as a down payment, I might be able to do $500.00

It's hard for me to talk at work because I do not want everyone to know my business but could answer general questions if needed

Thank you

Gwen Colon

[email protected]

H - 770-389-5334
W - 678-284-7561 (7am - 4:30pm)

[rmurray]

There is NO WAY for this to happen...first park rent in your area is about $300/mo...there is NO $200/mo home even for those with great credit...

Even folks with perfect credit have to have MUCH larger downpayments than that for homes in parks..usually NO LESS than $2000..

There is no lender who will give you a "2nd" chance under these circumstances...


They would tell you to get your credit cleaned up...this could take years to cycle off the cb files...or you could file chapter 7 bankruptcy..then rebuild your credit by paying all bills..ALWAYS on time for 2 years...Then you might have a chance...but payments would still be higher..and downpayments would be higher..

If you are living with your parents and working full time..you should bew able to save more than that...There are a few lenders that with many THOUSANDS down might sell you a reposession already placed in the park...Good Luck

[Mrs Graham]

Could you specifically name any of the companies you referred to in the last message?
Thanks

[Crystal]

Hello my name is Crystal and iam 21 years old and i have very bad credit, because of bad choices i made as a youngin. i would really like to own my own home because i have a 2 and half year old daughter, and i would like for her to come home to a home some day, but with my bad credit it does seem like iam getting anywere. all i want is another chance and i promise ill do this thing RIGHT! why people with bad credit for the first time cant have just one more chance to prove themselves to creditors?