Is it possible to have a co-signer on a mobile home mortgage?

Question

I was hoping to have my friend co-sign a home loan (she is my boss too). I'm sure she's willing to help me as she mentioned about this before. She owns a home, 2 stores and her credit score is over 650, mine is very low (bad credit). Can I still get home loan even I have bad credit? I'm considering purchasing a mobile home(2b,2b) in Canyon Country, CA (Santa Clarita area), but I'm still not sure if it's a good idea. I currently pay $825.00 a month for rent (Sherman Oaks, 1bed). I work in Canyon Country (pays about $200-$300 for gas/ month). I'm thinking is that if I bought a cheap mobile home there I could pay about $700 in space rent&about $450 a month in a mortgate payment. So I would save some money, time and the important thing is I will have bigger space and little yard(I have 2 dogs),+ in the end I would own something.My husband & I have only $8000 for down payment.I don't think we can afford a home in that area? Our income is about $4500/m. I would very appreciate your answer

Answer 1

Yes, it is possible. First off, check your credit at www.annualcreditreport.com for free. Check at one agency, then check another every 4 months. This allows you to check your credit 3 times a year for free. Don't sign up or buy anything at the website. Try to correct anything negative by getting up to date on payments and repairing any written off debt. Both will be required by the lender before closing. if your credit is to bad, then try to only use your husbands credit and the cosigner. You would just add your income to the credit application as miscellaneous additional income. Here's some helpful info as well. http://www.google.com/search?num=50&hl=en&safe=off&q=%22california%22+%22cosigner%22+mobile+home+mortgage

Answer 2

$700 for space rent is absurd. The land owner could go out of business tomorrow and good buy to you rented lot.
Second, why put your boss and friend to the risk of your filing bankruptcy on the mobile? This is dangerous. Your fiend must be out of Her mind to even consider it.
Co-signers are required by some financial institutions, check with a credit union for which you are qualified to join. They will give you good advice (1) whether you have a good deal and ideal to move, and (2 whether you need a cosigner.
Get you credit straight first, then start looking around.

Answer 3

it somewhat is obtainable yet seldom smart. The co-signer has equivalent criminal duty for the interior maximum loan. If the theory defaults the co-signer has to make the money. some lenders could make the co-signer positioned up collateral equivalent to the interior maximum loan. This effectively freezes the aspects of the co-signer and could deprive him from borrowing against his own fairness.