suggestions if we would want to get a modular home loan, little or no down...any ideas best place to get a pre approval?
2007-05-24 15:53:14 · 7 answers · asked by mandrin4200 2 in Business & Finance ➔ Renting & Real Estate
In answer to your question the first thing you should do is find a mortgage broker (Not a direct lender such as Wells Fargo).
You have to know what you are qualified to purchase even if you have bad credit.
So the first thing you should do is contact a mortgage broker so you can complete a loan application, after which he will run your credit report.
This credit report will give him your credit score. Get a cup of coffee or your favorite beverage when filling out the loan application this is not a 15 minute chore.
Your credit score will tell him what loan programs you are qualified for as well as the interest rate you can expect. This credit score will tell if you are able to get a 100% loan and if not how much cash you have to bring to the table as your down payment.
There are lots of documents and information the mortgage broker will need. I will give you a few to get you started.
#1 Six months of all bank statements you use currently, as well as any statements from your 401k at your place of employment
#2 One months of pay stubs from all that are going on the mortgage.
#3 Two years of federal income taxes and W-2s
After discussing the best loan program for you and agreeing on the program you want, the mortgage broker will issue you a pre-approval letter.
Now once this has been established you should connect up with a real estate agent to find you a home. Upon finding a home you like the real estate agent will then prepare a sales contract for you and the seller to sign.
The mortgage broker will order an appraisal of the house to prove the value.
Once all the documents necessary has been collected the mortgage broker will order loan docs for the program that you agreed to earlier. Again don't plan on spending a lunch hour there to sign loan docs this is a process so be prepared to be there for awhile.
Don't sign the loan docs if anything change from what the mortgage broker explained to you. Call and get an explanation.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-24 16:55:11 · answer #1 · answered by loanmasterone 7 · 0⤊ 0⤋
Ouch. You will more than likely only qualify for a loan through a sub-prime lender. With today's rates, you could be paying 9% interest for a first mortgage or more for such a loan, particularly given your down payment situation. You'd also either have to pay PMI or most likely suffer with a 2nd mortgage over 12%.
I agree with BlueQuiteOcean. Hold off for now. Improve your credit (pay bills on time, don't open new accounts, etc) and try to save more money. Your credit score should improve in a year or two, and the rates may well come down. Good luck.
2007-05-24 23:04:31 · answer #2 · answered by all1g8r 4 · 1⤊ 0⤋
And buying now in most places is a mistake. The market is still sliding. But a 540 and no down is just asking to get ripped off. Don't do it. Rent, save a down and get that credit score up. By the time you do that maybe the market will have come down a bit more allowing you to spend less or buy more for your money.
2007-05-24 23:55:54 · answer #3 · answered by Blade_III 4 · 1⤊ 0⤋
The best place for you is the #1 Real Estate Mortgage Lender in America:
WELLS FARGO
www.wellsfargo.com
Many programs and options, FREE Pre-APPROVAL LETTERS etc.
Ask to speak with a WF Home Mortgage Consultant = Its FREE and you should get a free advice meeting.
CONGRATULATIONS! On your improving Credit Score. Good Job!
GOOD LUCK! :-)
2007-05-24 22:59:02 · answer #4 · answered by JEDI MASTER YODA 4 · 0⤊ 1⤋
Try to wait until your middle scores go up to the 580's that way you have better chances of getting a loan. Try getting an FHA loan they are better for first time home buyers. read this add I posted for you...
www.hud.gov
2007-05-24 23:00:27 · answer #5 · answered by Henry Sosa 3 · 0⤊ 0⤋
I might be able to help you improve your score before you borrow.
My group in Denver offers both secured and unsecured personal and business loans. We utilize both traditional banking firms and private funds.
Contact me if you want to connect.
skip724@gmail.com
2007-05-24 23:59:48 · answer #6 · answered by Peter P 2 · 0⤊ 1⤋
It's better for you wait for little more while keep your payments paid in full.
and try to monitor your credit
2007-05-24 22:56:46 · answer #7 · answered by BlueQuiteOcean 2 · 2⤊ 0⤋