Why wasnt I approved for this house?

[imfeelinglucky]

My fiance and I applied for a new doublewide manufactured home. His scores of 660,653 and 589 and 7000 down Vanderbuilt mortgage said we were approved for 20% down for the 68,000 house we wanted. Well I dont have 14,000 only 7000. So we were let down and dont get the home. Income for dh is only 21000 yearly. But my income is 48,000 to 60,000 a year. His only debt on the credit report is one car loan for 4900 bal and 281.00 payments. The problem is I cant count my income and I cant count my credit report. I have been working on his credit because I have a bk and a repo. It was easier to clean his credit up then mine. The house will be in his name only. Any ideas how to get the house??? Can he do something called stated income? what is this exactly? Can the company do something to raise our scores? I heard a mortgage company can pay $100 to remove one negative from a credit report to help? Is this true. Do you think it was our scores or income that we were required to put down 20%?? THey did say that they could use our land if were deeded 2 acres. But our bank the land loan is with refuses to seperate it.
Another question is: Is this even a good house to want to have? Its 68000, 1848 sqft. Oakwood, 2-4 walls, creddeck flooring,thermal pane windowns, ceramic sinks,6 panel doors, stone fireplace, built in ET and curio, 3bd 2 bth, real wood wainscotting, zone 2 climate,zone 3 wind, vinyl siding,fiberglass singles, real wood cabinets, 12" roof overhang, 3 1/2 pitch roof, 3/8 sheetrock walls inside, built in micro, dw , flat stove top on counter, storge room, 28 by 66, rock steps to tub, rock colums,rock over stove hood, top of line appliances. So is this too high of a price ? Should we be lucky we didnt get it and move on?

[rmurray]

You could be very lucky...The rates on this loan woul have been very high..required insurances would have added thousands over thre year of the loan...

His scores are great for a typicle land home mortgage..this type of loan would have much lower interest rate and would pay off the balande you owe to the bank...Savings over the life of the loan woul be in the tens of thousands.....If you bguy order asnd upgrade the pressboard floors to OSB or plywood...

[jgn]

If you can only take his income because of your pat problems you are looking at a mortgage payment that accounts for 60% of his available take home, 60k at 8% =$450 plus taxes, insurance and probably PMI so depending on the tax rate could be a monthly payment of $600-$650. In addition to the purchase of the house you have additional expenses in the setup, electrical hookup, sewer/septic, some sort of drive. These can add an additional 10K to the price of the home.

Why the 60+ difference in scores? Every time I ran mine there is less than a 3 point difference in all three.

[imfeelinglucky]

ONe of the credit reports is showing a collection from some perfume company that we have never heard of and it really brought down the score. I have tried repeatedly to get it removed w/ no luck. I loved how this house looked so much and the floor plan. But... if its not right I will have to find another house. We own 47 acres in oklahoma. Make payments to another bank . We want to live on this land. So my options are.........get a cheaper doublewide they said we were approved for a 48000 for 10% down but I didnt like any I have seen so far, do a FHA loan, do a land/home but they said they wouldnt do 47 acres so would have to find a bank that would refinance all the land and a home, look into prices for a modular home built (might be easier to finance???), or continue making payments to this land and just buy a regular stick built house in town, or continue making payments on this land and buy another acre of land in this town and put a mobile on it..So any ideas what we should do.. thanks.

[rmurray]

There is FHA home only finance available from Vanderbilt Mortgage..
When I say lnd home..they are right few mortgage companies will mortgage 47 acres..but often a bank will take an equity reduction and release 4 or 5 acres...There are lenders who spedcialize in rurl large tracts for homes..Talk to these folks...http://www.agstar.com/Default.aspx...

[Threnody]

68K for novadeck flooring? Pass.

[Terry from Iowa]

Hi-can I make a suggestion? Why not sell off part of that 47 acres and use that as a higher down for your home and put it on the remainder of the land? A regular bank would take something like that. Do you really need all 47 acres? Is it land that has been in the family? You are very fortunate to have that. My bank requires 20% down on home loans but I can get a 6% through them. All I need is the down payment. Also there is a place called CHAPA that gifts your downpayment to you. They are a charitable organization based in Fairfield, Iowa. Check it out! Bet you could get a home then-and remember, God has something twice as good coming around the corner! I bet He's got a nice modular just waiting for you! All the Best!