I am looking to get into a mobile home or house. But have bad credit.?

Question

Does anyone know of a solution to this problem? Thanks in advance. :0)

Answer 1

Lenders financing loans for bad credit , sort of hit the wall last week when Century Financial (who did most the bad credit loans) went into default.
Very few bad credits will be written now and the % rates will be obscene.
You will be much better off financially , to clean up your credit by radically lowering your debt.
Get a 2nd job and put all the $$$ to paying off as much debt as you can (paying off the highest % first and working your way down but pay at least the min on any low % debt.)
Once you have paid off debt , start saving for a 20% down payment because any less will cost you hundreds of $$$$$ for PMI (Private mortgage insurance)
Also , with 20% down you will have a lower % loan rate and save thousands there.
With all the foreclosures coming in the next couple of years , this will be a good buyers market for awhile.
1) So, get out of debt (FICO up to 700)
2) Save 20% for down
3) Buy house you can afford & be saving lots of $$$ then.

Good Luck

Answer 2

If you are in the sub prime category online lenders can save you a lot of time. Even with the recent "scandal" of sub prime lenders, there will always be a sub prime market. Here are some steps you can take to become a homeowner with bad credit.

• KNOW WHERE YOU STAND It is this simple: the higher your FICO score the better the deals will be. Get a copy of your report, fix any errors and take steps to improve your score. If you are below 500 you are going to have a hard time getting a loan. If you are in the 500-600 range you should be able to get a loan with a down payment. If you are in the 600-650 range you should be able to get 100% financing.

• START SHOPPING Online lenders can save you lots of time and frustration. Look for sub prime lenders-lenders that specialize in loans for borrowers with bad credit. Apply with several of them, but thru a service like "Guide to Lenders" that way your credit report will only be pulled once.

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Answer 3

I bought a mobile home several years ago...BAD mistake. A Mobile home is like buying a car. It depreciates in value and you very seldom find a place to put it that you can own the land, only places you end up paying rent on the lot plus your home payment.
Look for a home you may be able to purchase on a land contract or rent to own contract.

Answer 4

Mobile homes always have people trying to get out of them....look for one of these places, and tell them you will pay their mortgage as rent.
Dont buy one, they depreciate like crazy, and when you are done paying, its worthless

Answer 5

try finding someone that will owner finance you,i have bad credit and have bought several properties that way