How can I refinance or get Home Improvement Loan with poor credit scores?
How can I refinance or get Home Improvement Loan with poor credit scores?
I own my 2005 manufactured home clear & free. I currently need to replace the roof & make some other repairs & improvements, as soon as possible. It has been located in a nice Mobile Home Park, in Texas, since Nov 2008. I am Self-Employed & my income is flexible. My credit scores are low due to separation & a previous loss of income. Most recently my income has been improving. I would like to lease my mobile home out to generate additional income. I am in a good rental market area. Please help me or point me in the right direction. I cannot move forward financially without making these repairs. I can be reached at 713.569.4473, at anytime.
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Given your current financial state of affairs, it's tough to get a refinance loan and that too on a manufactured home. Lenders look for steady sources of income in their prospective borrowers which is lacking in your case. So, make sure you plug that loophole before asking for a refinance around. Once you've done that your credit score will reflect financial stability and that is what needed to acquire a refinance loan, rather any loan.
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You will not be able to get a mortgage on a home in a park - you may be able to get a local bank to offer a chattel loan (like an auto loan)
Good Luck
Brian Barnes
Nationwide Mortgages
Brian@AimWithFocus.com