is it legal to say financing guaranteed long as you own your land when trying to get double wide homes?

Question

we have no credit history due to paying cash for everything and 2 dealers have advertised as guaranteed financing loing as you own your land.we own our land straight out.is it legal for them to do this?they have turned us down.we have the good income to make payments and pay insurance.thats no problem.were just trying not to get caught up in the credit card craze thats going on.

no this land does not have any liens,taxes or anything against it.it is worth 20 thousand dollars to.it has been paid for since 1961.the places did not have any small print of any kind.they read exactly as follows so tell me can they legally say no?

yes the land is in our names and filed at courthouse under our tax recoreds.

Answer 1

If you read the fine print I assure you there is a loophole.

I work in the car business and we go through this every month with our advertising.

The devil is always in the details.

Answer 2

In order to qualify for a mobile home you must have better credit than to qualify for a house. So why not start out with a smaller stick built house which will appreciate. So often people sink just as much money into these mobile homes and then the lenders put these people on an A.R.M. which means that eventually you will need to refinance if you don't want your interest rate to go up to 15 or 16%. With an A.R.M. your payment continues to increase over the years. The paradox here is that very few lenders are refinancing mobile homes and since they depreciate you probably cannot qualify to refinance until your payment has increased several times. So if you look at your A.R.M. with the cap you can probably buy a modest stick built house and have a better deal in the long run. For example: If you can get a mobile home land package with approximately $600 payments now, then over the next 5 years your payment may increase to $900. I just pulled these figures out of the air, but that is how it works.

Answer 3

look for small print. They must have a clause some where base on your ficos score probably.

I know in auto finance you'll hear the phrase " no one turned down regardless of credit" they can do that by getting you approved for a loan with a large down payment! You'll be approved for sure, w/ 5000 down!

Just work on your credit score, or do you have any liens what so ever on your property. Go to your local bank and sit down w/ the mortgage person let them take a look at everything.

It is legal for what they do in most cases, just look at the small print...


get a secured credit card: bank of America has one for 99.00 and a 500.00 credit line: It will help your score and it's safer because it's secured...but works the same way. Pay on time every month...and keep your balance low.

if you still want to stay away from credit cards, save up a down payment! 3% -10% at least. Money talks! and also a co signer could help you short term if needed.

Answer 4

They say that because they can foreclose on your land if you default on the mobile .
Maybe the land deed is not in your name ?
Or maybe the lot size in not in compliance with the code requirements in your jurisdiction ?
They are the ones you should ask "Why ?"