say like a Modular home with land? and your credit is below 600 a friend swears that she did this and i was just curious because i didnt think that was possiable.
2006-08-24 02:31:54 · 6 answers · asked by errorzbrat2001 1 in Business & Finance ➔ Credit
Yes it is !
But it will cost a higher interest rate than regular loan
Good luck if you do it !
2006-08-24 10:03:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It realisticaly should be 580 or higher.
Sometimes with "land construction" you get instant equity, as the cost of the mobile and the land seperately is less than if you went and got them already together-- so f the bank thinks thats the case, they will take the chance since they'll have some equity if they have to take the house.
2006-08-24 12:56:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's probably possible. But you'll probably have a higher interest rate, and certainly a higher payment.
The real estate market seems to have peaked in at least some markets. It might be worth your time to pay off bills, improve your credit, and try buying next year.
2006-08-24 09:36:06 · answer #3 · answered by Ralfcoder 7 · 0⤊ 0⤋
There are some companies out there who will take land in leiu of down payment...not sure how astronimical the interest rate wold be because of her credit...but..is possible...... depends on income as well...
2006-08-24 09:55:55 · answer #4 · answered by JOEYSMOM2 4 · 0⤊ 0⤋
Not sure read some finance and credit tips on this site
2006-08-24 09:34:32 · answer #5 · answered by cute chick 2 · 0⤊ 0⤋
yes some people will work with first time buyers. but i will try to save some money because you will need it
2006-08-24 09:41:42 · answer #6 · answered by justme 3 · 0⤊ 0⤋