Our credit is just under 500. Our current house is being sold in a short sale next month. So we won't have any money to put down. We need to find a new home soon. So we won't be homeless. We are a fairly big family and looking at double wide mobile home and some land. The double wides have four bedrooms which we need.
2007-03-30 09:49:47 · 7 answers · asked by chris m. 1 in Business & Finance ➔ Renting & Real Estate
Let me get this straight, you're leaving the lender on your current home holding the bag for a loss and you want another lender to advance you 100% with abysmal credit.
My question to you, is why on earth anyone would consider lending you money with your track record.
When lenders take losses it impacts the entire housing market and we all pay for it.
You need to take responsibility and get your credit cleaned up so that you can be a contributing member of society.
Sorry to be so harsh but you needed a dose of reality here.
2007-03-30 09:57:21 · answer #1 · answered by Anonymous · 3⤊ 0⤋
I would start working on your rental application and saving some money for a security deposit - you're going to be renting for a while...
You have BAD credit. Sorry to say, but it doesn't look good in the short term. Also, you are just going through short sale, which means that you have late payments on your mortgage and the current lender is taking a loss on the sale of your current home. On top of all of that you don't have any significant savings... your financial picture is not inspiring a great deal of confidence.
Your best bet is to rent and work on cleaning up the credit. I would also plan on putting at lease 10% down in a few years when you buy your next home.
Best of luck - let us know if you need help with the credit cleanup.
2007-03-30 09:58:50 · answer #2 · answered by sdmike 5 · 1⤊ 0⤋
If you are being foreclosed on, or if you were late on your past mortgage, you will not be able to get another 100% mortgage for several years. The other thing is mobile home loans are almost impossible to find, and your score will prevent anything close to a 100% mobile home loan. The best you will be able to do is an FHA loan, but that requires 3% down, and that you are not behind on any loan payments.
To qualify for FHA, make sure you make your payments on time for the next 12 months, and try to payoff any collections, or make arrangements to pay on them.
Good luck.
2007-03-30 11:15:58 · answer #3 · answered by T Taylor 3 · 0⤊ 0⤋
Sorry to say with the current problems in the Sub-Prime home loan market. I would say it will be nearly impossible to do what you are looking for.
Without a down payment I really doubt you will find a lender who will be willing to give you a loan.
2007-03-30 09:59:06 · answer #4 · answered by seamus1066 5 · 0⤊ 0⤋
This is not going to happen. You score will drop (yes, it can get lower!) here soon anyway, as soon as your bank writes off your last bad debt.
You won't be able to finance a cup of coffee. You may have trouble even renting (I would not even think about renting you), so it is time to start calling up family and seeing who will put you up.
2007-03-30 10:03:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
well in order to get a new home you would have to get a new loan, there's no way any lender will do that unless you can find a private lender to do it
2007-03-30 10:18:12 · answer #6 · answered by josephcodner 2 · 0⤊ 0⤋
Get an apartment
2007-03-30 09:59:13 · answer #7 · answered by Mr Chris 4 · 0⤊ 0⤋
Come up with some collateral that is as valuable as the MH you wish to buy.
2007-03-30 09:54:18 · answer #8 · answered by regerugged 7 · 0⤊ 1⤋