How do you get financing for a mobile home with bad credit, now that subprime lenders have gone under?

Question

Here's the deal, internet. Last week, we had a loan for a doublewide. Tuesday when the Fed shut down most of the subprime lenders, our loan company was one of them. Now we have a contract, a closing date comming up in two weeks, and no LOAN! What now?

Sorry, should have mentioned I'm in Texas, and the property is an REO, already set up on land, and the loan amount is under $50,000. I've been told this is extremely difficult to work with.

Answer 1

you try to find a new lender asap or you can't close. Try 21st mortgage, they do mobiles.

FTR....the manufactured home people you are buying it from should be helping you find a new lender unless you are buying it used ,already on land, in which case you might ask a local realtor for help.

Answer 2

My daughter is a loan officer and she works with mobile homes. She works with Premier Mortgage and can put a rush on loans to close. If you would like to contact her the number is 240-843-4416, ask for Amanda and tell her Gina referred you.

Answer 3

This was addressed on the CBS Early Show this morning. Check out the link to the site.

Answer 4

Kristy, Get advice from your lawyer on this one.You cannot close obviously, but are there clauses in the loan contract if you pull out now.

Answer 5

If your credit is under FICO score of 500 you will have a very hard time. Yes a lot of sub prime lenders are out or on their way out but sub prime loans will not go away. The requirements will be tougher though than they have been.
good general resources are http://www.m-o-r-t-g-a-g-e-r-a-t-e.com and http://h-o-m-e-e-q-u-i-t-y-l-o-a-n.com

Answer 6

We can help you out, check out our website: www.dmfund.com.