PLEASE HELP... Bad Credit & we need a new home!?
Me, my husband, and my 3 yr. old daughter need a new mobile home, and have bad credit. In Feb. I got a new vehicle fin. in my name only so that will re-establish my credit. We have a trade in value around $6000.00 but no down payment. The land we have is NOT in our name, there is no way we can put it in either names'. Please help. Is it possible to get a new home with our situation??????
Public Comments
- first, try a land -home package. if you have recently started your credit,wait a while(3-6 months). dont let business run your credit untill they are sure they can help.explain your situation (including your credit score). if all else fails, try owner financing.Also dont go for the first thing-shop around some first.good luck
- Lenders generally will look at your credit score, assets, monthly gross income, fixed liabilities (bills) ,and payment history. If you've had a forclosure in recent years it will be very difficult to finance a new home. One thing that is hurting you right now is the land issue. Lenders would rather see that you do indeed own the land. It presents a huge risk when you only would have the home. Mobile homes can be fairly easily moved, and they would be hesitant to take such a risk. As far as your car loan goes, it will take an excellent repayment history for a couple years to move your score. Try to work out the land issue, it will make the procees alot easier. You may have to pay off issues with your creditors before they will consider financing you. Too many finance companies went down in recent times with all the varieable interest loans that have defaulted. Good luck, and I hope it works out for you!
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- People who have bad credit should not be buying homes. Worry about fixing up your credit first before you start thinking about buying a home. Any loan you get at this point will be subprime, and the problems the subprime industry is facing with defaults has been all over the news for the past week.
- home loan information site world's topmost banks offering loans It's help you hope visit
- To be eligible or 100% financing on a purchase mortgage loan, it is necessary that your credit score must be minimum 600 or more. If it is in the range of 600-650, you might have to apply for 100% finance through a subprime mortgage lender. For a credit score more than 650, you can be eligible for the mortgage from most mortgage lending companies online and get the loan approved. If you have credit score is in range of 580-600, you may have to make a down payment of at least 5% to get the loan from a subprime mortgage lender.
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