Fed up with trying to find financing

[Cindy]

My husband and I just sold our site built home last month. We have another piece if property in the same city valued at $175k. That lot currently has an older mobile that we will replace with a new manufactured home...if we can ever find a lender, that is!

I have had some credit problems. My bankruptcy was discharged in December 2001 (young and stupid but all grown up now). My credit score is 603 and I've cleaned up my credit report as best I can. The only thing to do now is to wait for the score to go up. I maintain two revolving credit accounts, in good standing, for at least two years, and have paid off all debts and collections (which I later found out would lower my score but live and learn).

I'm married with one child. I have money in savings and two CD's. I work for my husband's company in Sweden, but we live in California. We pay taxes in Sweden and I receive transfers into my U.S. bank account. Basically I'm having difficulty verifying my income for lenders. The last lender we approached said "Give us this, this and that and we can work it out." I supply this information they ask for, and they STILL say "No!" We are very frustrated at the situation. I know private lenders are always an option but at what cost!? I'm not willing to bend over just yet.

All we want is a loan for our new home, so we can move on with our lives!

AHEM...sorry had to vent a little. :-{

Any advice??? )

Cindy

[rmurray]

Go ahead and vent...If you fell a little better this board has done part of its job....You have done quite well with such a recent BK..You have not mentioned how much you owe on this deluxe lot...

You should find a dealer who has good financial understanding..he/she will have loan originators that are skilled in manufactured home...All mortgage holders have had to go through the little "other and that" stage..Most manufactured home lenders will require income verification...Usually they will require federal tax forms which it seems is your problem...There might be a few alternate lenders who will take cash flow verification instead...If you buy an off frame modular home there are many lenders who would love to have your kind of business..You will have to verify your cash flow with 1 years worth of bank statements...have a strong equity position...A good dealer/builder should be able to help you find a lender...

[Cindy]

Thanks for your reply, Murray! An off frame modular? You must mean on a foundation, right? Modular's are more expensive which is why we are choosing manufactured.

I definitely have at least one year of bank statements, but somehow, even though my account shows tens of thousands of dollars in deposits and transfers, the lender says they couldn't figure out the bank statements! We've supplied EVERYTHING you can imagine except for U.S. tax forms. The local dealers only give us names to lenders locally who won't deal with us. We've tried!

Remaining mortgage on the lot is $52,000, by the way. It's a 16,000 sq ft lot and eventually we will split it and build a larger home at the rear of the lot.

If there are any "alternate" lenders out there who will accept cash flow verification, I'd like their name and number! I actually got financed through Countrywide for my stick built home, but at 9.85%. I don't want that again!

Have you, or anybody else, heard of Quality Wholesale Homes? I've been talking to them, too, and they were very eager to earn my business, but we never progressed that far because I don't know anything about their company and wanted to try and find out some more information before proceeding.

You think I've done well with my credit after the bankruptcy? I am so frustrated at my score. I thought it was horrible and should be a little higher. LOL! You wouldn't believe what I've done to get it to 603!!! It has taken me over a year to clean my report up--daily phone calls, nasty letters...disputes!!!! Not to mention paying off hundreds of dollars in back collections that never made it to bankruptcy court. Then I after I think I have a middle score of 629 (via TrueCredit...what a con!) I approach a local credit union, and find out my middle score is 579!!!!!!!!! I was shocked and did not understand how I could have two totally different middle scores. I later find out the lenders use a different scoring model!!!!!!!!!!!!! I was so upset I cried...in the bank! I will never make THAT mistake again! I've been through and learned so much I'm thinking of becoming a credit counselor! LOL!

The loan we're looking for is considered to be a construction loan, so says my husband. I'm not sure because we're also re-financing the lot. So how can it be considered a construction loan? Must be the fact that we need to build a foundation?

Cindy

[Cindy]

Never mind about my question regarding QW Homes. I just found tons of information from other buyers about the company.

Cindy

[Karl]

Cindy

Are you sure the lot is 16000 square feet? That is only alittle over one third acre.

I have heard that requesting your credit limit on your credit cards will also help to raire your credit score. You might look into trying that with your two credit cards.

Keep us posted on your progress !

And the Lords blessings on your husband and you as you look for financing !

Karl

[rmurray]

Sorry for all the frustration you have had...You learned a lesson with the credit score purchase...There are many useless scores sold on the net..even the major big three Cb's..The only safe place to buy your scores are directly from www.MYFICO.com...These are the only scores that mortgage companies use..

I only mentioned the modular homes (off frame) because there are far more mortgage plans to use...The best mortgage site on the net is at

..www.mtgprofessor.com

Learn all at this site and you can supplement your credit counseling pay check with that of a mortgage originator...Glad you found the info on QW Homes...If you have not done so search all these discussion boards..This company has been the subject of some very long threads..

[Cindy]

Karl,

Yes, it's 16,000 sq ft. I don't know where you live, but in California, the lot size requirements are only 5,000 sq ft. We could almost split the lot in three, but we'd need to buy a little property from our neighbor for a road.

And I've asked Capitol One to raise my limits already. They say they are not accepting credit limit increases now or any time in the future and that they will review my account periodically to determine if I warrant any increases. Strange as I always thought credit card companies were quite willing to increase your limit.

Cindy

[Cindy]

rmurray, yes, I later found out MyFico was the only way to go, and that is indeed who I monitor my credit through now! If I'd only known the other scores weren't genuine before I'd gone to the bank... Makes me so angry!!!! And those other score agencies DON'T advertise the fact that they use completely different scoring models from the lenders! Instead they put it in very small, light print at the bottom of the page...if that! They sell you a bogus score, then they charge your credit card even though you've cancelled their service... Wonderful operation!

Thanks for the link! I'm going to check it out in a bit.

I wrote to QW's financing department yesterday laying it all on the line about my situation, and somebody named Ken Brady wrote back and asked a load of questions which I did answer. He said he'd pull my file and get back to me. Um, what file? I never made it so far with Mark Gibson as to have a file on record! Or at least I didn't think so. All the information he needed was my email and he has that already. Ah whatever. I'm just paranoid now.

Cindy

[Mark Gibson]

Hi Cindy,
It has been a long time since we spoke last. Several months in fact. You called our finance division and spoke with Ken and I suppose he was going to search for your file because he assumed since you had called they must have one on you and your husband. With your current situation the financing is going to be very difficult if not impossible to find. We are working on securing new lenders every day and will definitely keep you posted if we can help in the future. You might try working with a local dealer that can perhaps carry you on the construction loan and then concentrate on the permanant financing as that is typically the easiest to secure. You first started working with us back in March of 2005 so it takes time but you definitely have the resolve to get it done.
Best of Luck.
Mark Gibson
General Manager- Quality Wholesale Homes
[email protected]
www.qwhomes.com
800-242-0060 Ext 115

[Cindy]

Hi Mark! Hope you're enjoying your new position! I've tried the local dealers and they only give me names of lenders, as they don't deal with the lending aspect where I live.The only other dealer I've spoken with never answers my emails, and she's in Oregon, and I'm not sure if she even gets into the financing end of it. I don't know what else to do! The whole situation is bordering on stupidity. I have the money, I have the land, and my score isn't the worst I've seen. I JUST WANT A HOUSE!!

I'm researching the possibility of obtaining a bank statement loan. A down payment would be necessary, but if that's my only option, so be it.

To anybody, what about amending our tax returns for the last two years? It'll cost alot of money but at least we'll have tax forms!

Cindy