Miranda asked in Business & FinanceCredit · 1 decade ago

Question about getting a mobile or manufactured home loan with low credit score?

My credit score is in the low 600s, less than 620. My husbands is in the 500s. Both score are the results of ex's, and we have been working to bring them up for a while now. We would like to purchase a manufactured home around April 2008. We have 1 acre of land that we own free and clear and about a 15% downpayment on a $70,000 home. Does anyone know what our chances are of getting a loan? If we cannot get one qwith that criteria, does anyone know how much more down we would need or what our minimum score would have to be? Thanks.

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  • 1 decade ago
    Favorite Answer

    You can get financing....but don't listen to the guy who told you to apply on line to as many places as you can....that's totally STUPID>>.>>>>I WANT TO REPEAT THAT....DON'T APPLY TO EVERY ONE ON LINE.

    First of all your score isn't that bad and you have property with 15% down...it sounds to me like you are on the right tract

    You can use your land that you would use as your down plus the money ....what they look at is the whole picture and you can have an appraiser give you the appraised value after the instalation of a Manu....My best advice would be to go to a Manu dealer and do a land home package....Buying a used one is less expensive """dirt cheap""...expecially a repo..the only problem is if you ever go to refi...the lenders won't lend on a home that has been moved twice....except a hard money lender.......Use your land and a new Manu for an appraisal,,even though it is not on the land yet you can stilll do that. Then when the appraisal comes back at lets say a 100k the house is 30k and land is 70 k you have a 70% vested amount in the property if your house goes on to a perminet foundation then you can qualify for several loans...if it is considerd rurual then it brings other issues in and limits the lenders that you can go to...You already have a great start by owning the land....Go to a New Manufactured home dealer and they will get you set up....Now is a Good time to go....IF you have had your jobs for awhile 24mths is best but 12 will do.....Your Husband may not be able to go on the loan becuase of his score but he can go on title.....IF you need more info just email me and let me know I have Manufacture home financiing for some areas but i can send you in the right direction

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  • 4 years ago

    2

    Source(s): Free Government Mobile Phone : http://FreeCellPhones.iukiy.com/?ovqs
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  • 1 decade ago

    You are going to have a very tough time. Banks don't think much of manufactured housing and the credit scores are not going to help. I would think you need a score above 650 in order to get the loan. Otherwise you are facing a hard money type loan at a high interest rate. A very high double digit rate.

    Good Luck

    Rob

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  • 1 decade ago

    Hey Listen to qualifyez Very Good Advice!!

    I have been looking at mobile homes that's what i call them and from talking to the sales people at the different places i've been recently on place I've been is Palm Habour Homes they have great homes and floor plans. They have great programs to get you into a home.They have a program to get you in a home for 500 down and they have a program that get's people in a home for as much as 3,000 down. Also they have a program for down payments between 3% to 10% of the original cost of the home. They have programs for land/home packages with between 500 to 3,000 down or between 3% to10% down and this is with credit problems.You will get finance and a great home even with credit problems with the land you have because you own it free and clear and they love that.That's the question they will ask do you have land and if you do they will really work with you to get a home. I have land as well but i do not want to live where the land is located and my land i have to keep it in the family so i can not sell it. Also Quality homes have great programs and they will work with you regardless of credit. You have a good start. So you can get a home right now if you chose. I would suggest you and your husband go to some of the mobile home dealers sit down and ask questions BUT PLEASE DO NOT LET THEM PULL YOUR CREDIT. Wait until you and your husband have done your homework and have made the right decision together to get your mobile home.Good Luck

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  • Anonymous
    1 decade ago

    If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details.

    http://l4y.info/

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  • 1 decade ago

    Actually you should be able to get financed with that!!! My dad actually works as plant manager for a manufactured home industry, and there are several manufactured home factories in our area, that are real easy to get financed.

    Shipshewana Homes is a great place to start, they finance everything and you can pick out everything, from carpet to cabinets and wallpaper!!

    Some houses run as low as $45,000 due to being showhomes! Hope this helps you out!

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  • 4 years ago

    It is a trick. It is probably a high-interest rent-to-own scheme. If you miss a payment, you lose your home. 100% financing on your land. The land is your collateral. Once you miss a payment, the land is no longer your land. The people who run this scam are no better than pay day loan outlets, cash for your car title schemes, and anything else set up to bilk the poor out of their hard earned cash.

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  • Anonymous
    1 decade ago

    I am no expert but I believe your only chance is to try to get an FHA loan. They do finance mobile homes with certain conditions.

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  • Anonymous
    1 decade ago

    oh ok .. i got this for you...

    better check it out, im pretty sure you'll discover something...

    http://www.home-loan-made-ez.com/

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