modular homes . we live in pennsylvania, my lowest credit score is 495, my husband is in the 500 range, what are our chances of being approved for a mortgage, we own the property where the home will go, will that help us any. we make 55,000 a year.
2006-11-09 16:41:23 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
you will qualify for some thing, the interest rate might be high
when the lender gives you the news, you have a right to review the credit report they pull (cannot take it with you) as you look it over ask him/her what you can do to get a better rate. It might be as easy as wait a month and pay down a debt.
if the lender cannot help you with ideas, get a new lender. lenders are in the business to lend so a good one will help you however they can to make the deal work
2006-11-09 16:45:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Absolutely! They will use the land as collateral however, dont just check with the modular home's finance company- go online and check with others and the companies that advertise locally for people with not so perfect credit.
Good luck
2006-11-10 01:02:37 · answer #2 · answered by mac 6 · 0⤊ 0⤋
Unless you need to move immediately, it would be better to have your credit repaired before getting locked into a high rate loan.
You can get information about credit repair at the sites below.
2006-11-10 00:55:11 · answer #3 · answered by Maddy Waddy 2 · 0⤊ 0⤋
I'm not sure where, but if you are lucky and get approved. Your interest rate will be sky high due to the credit score.
2006-11-10 00:50:03 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
get pre-approved by a bank first then whatever they say you can afford will actually be less. If they say approved for $80k figure you can afford $60k. Banks tend to overrate what you can afford. But at least if you're pre-approved you know what your options are.
2006-11-10 00:52:43 · answer #5 · answered by justcurious 5 · 0⤊ 0⤋
You will get a loan, but you might have to pay a few points more in interest.
That is nice you own the land! That will help!
2006-11-10 00:43:14 · answer #6 · answered by Anonymous · 1⤊ 0⤋
try and get pre qualified
2006-11-10 01:30:11 · answer #7 · answered by lexlex 3 · 0⤊ 0⤋
good luck
2006-11-10 01:02:12 · answer #8 · answered by man_33 2 · 0⤊ 0⤋
IF THATS THE CASE YOU SHOULD BE ABLE TO GET A LOAN.....WITH NO PROBLEM.......
2006-11-10 00:49:40 · answer #9 · answered by U Looking At Me & Me Looking At U 3 · 0⤊ 0⤋
depends on how much the house is....
2006-11-10 00:43:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋