My sister makes good money and so does her husband. She just has bad credit. They both lost their jobs two years ago and got really behind on bills along with a new baby. They now both have really good jobs but they have bad marks on their credit. Does anyone know of a mortgage company that can help them get into a new mobile home?
there is a free site than can help you up your credit score, http://www.cellsware.info/restorecredit . they pulled up my score about 50 points in two weeks and they helped out a lot!
Does anyone know of a company that will finance a mobile home for someone with bad credit?
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Tell them to go talk to the people at the mobile home company. Many time, they can help you achieve what you can’t get done on your own. They will pay a high interest, however.
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if they have decent recent credit for the past 12 months and over a 580 score they may be able to get an FHA or USDA loan both are very strict though when it comes to guidelines for mobile homes. If their scores are below 580 they won’t be able to qualify for anything and will need to save up some money and pay down their debts first.
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mortgage broker
Generally speaking, lenders do not like to offer loans on mobile homes because, unlike homes that are built on permanent foundations, which tend to gain value over time, mobile homes tend to lose value, or depreciate, as time passes. Lenders take a security interest in a home on which they lend money, in case the borrower defaults on the payments, allowing the lender to foreclose on the home. During a foreclosure, a lender will sell the home to recoup as much of their money as possible. However, since mobile homes tend to lose value over time, it is much more difficult for lenders to get their money back through a foreclosure. For example, if a lender loans you $50,000 on your home based on its current value, and you default on your payments 10 years later, the lender may only be able to sell the property for $10,000, meaning the lender would lose a significant amount of money in the process.
While most standard lenders do not offer loans on mobile homes, some specialty lenders will allow borrowers to finance their mobile homes. You should keep in mind that loans on mobile homes are not the same as standard mortgage loans. Rather, they are generally referred to as personal property loans, and carry higher interest rates and shorter loan terms than regular mortgages. If you are interested in obtaining loan for your mobile home, you should look for a specialty lender who offers mobile home financing, such as http://www.mhloans.com
Again, you will probably pay a higher interest rate on a mobile home loan than a standard home loan. You need to make sure that the interest rate being offered to finance your home will not cause you further financial problems.
References :
http://www.bills.com/home-purchase/
there is a free site than can help you up your credit score, http://www.cellsware.info/restorecredit . they pulled up my score about 50 points in two weeks and they helped out a lot!
References :