Posted on: 29th Mar, 2009 12:17 pm
In the process of reestablishing myself after a divorce, my credit was destroyed and I am in the process of correcting my credit problems, in the mean time the perfect home opportunity came up and now I can not get financed. I was able to get financed for a larger loan but I really want the less expensive place for 30000 and I have 5000 to put down, does anyone know who will finance someone with poor credit
Hi jcoleman!
Welcome to forums!
You haven't mentioned your credit score in the post. In order to get a FHA loan, the minimum credit score that you would require is 620. However, if you want to go for a conventional loan, you would need a credit score of 720. If your credit score is less than this, you won't be able to qualify for loans.
As your credit score is not good, I would suggest you to improve your credit score first and then look out for loans. To know more about improving credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You haven't mentioned your credit score in the post. In order to get a FHA loan, the minimum credit score that you would require is 620. However, if you want to go for a conventional loan, you would need a credit score of 720. If your credit score is less than this, you won't be able to qualify for loans.
As your credit score is not good, I would suggest you to improve your credit score first and then look out for loans. To know more about improving credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane
My credit scores are tu 640 ex 620 es 670 the home is a mobil home in a park, does anyone know if a hard money loan would be easier
with those scores you ought to be able to obtain a loan without having to resort to a hard money lender.
Hi jcoleman, Those scores are actually not that bad. The total amount of the house is 30k and you have 5k down correct? With these numbers i see no problem getting a loan of that amount with those credit scores. Have you actually gone to a bank and applied for a loan?
yes and i have been turned down because i have a bankruptsy 7 yrs ago and a few late payments 1 is correct the other is not and i am in the process of disputing it, it seems that a hard money loan is the only way to go how do you locate a hard money lender?
you haven't mentioned the type of bankruptcy you've filed. bankruptcy will remain on your credit report for 10 years. you can get fha loans after 1 year of discharge of chapter 13 bankruptcy and 2 years after the discharge of chapter 7 bankruptcy.
Chapter 13, it seems that a hard money loan is the only way to go how do you locate a hard money lender? I had a bank tell me that everything looked good except the late payment. I will take what ever I can get as far as int. rate the place is worth it.
Hi jcoleman,
It is true that the home prices have dropped and the interest rates are quite low right now, but taking a hard money loan is not a good option in my opinion. I would rather suggest you to wait for sometime so that the effects of the late payments are minimized. It's true that late payments will remain on your credit report for 7 years but as they get older, their effects are minimized on your credit report. In the meanwhile, you can try and improve your credit score by paying your other dues on time.
Moreover, you have mentioned that you are looking for a loan to purchase a mobile home. In that case, you can go for personal property loan rather than hard money loan. Personal property loans are available at a higher rate but the rates are not as higher as hard money loan. You can get the personal property loan from the retailers selling mobile homes.
Take Care
It is true that the home prices have dropped and the interest rates are quite low right now, but taking a hard money loan is not a good option in my opinion. I would rather suggest you to wait for sometime so that the effects of the late payments are minimized. It's true that late payments will remain on your credit report for 7 years but as they get older, their effects are minimized on your credit report. In the meanwhile, you can try and improve your credit score by paying your other dues on time.
Moreover, you have mentioned that you are looking for a loan to purchase a mobile home. In that case, you can go for personal property loan rather than hard money loan. Personal property loans are available at a higher rate but the rates are not as higher as hard money loan. You can get the personal property loan from the retailers selling mobile homes.
Take Care
I cant seem to find anyone to finance that small of an amount, and I am willing to pay the high rate I really need to do this in a hurry, does anyone know were to go for a hard money loan in pa?
Hey jcoleman,
Did you speak to the hard money lenders of your area? You can speak to them and check out the rates and terms. You can also speak to the lenders of this community and seek a no obligation free quote from them. This would help you in getting a fair idea about the rates you can get when you apply for the loan.
Did you speak to the hard money lenders of your area? You can speak to them and check out the rates and terms. You can also speak to the lenders of this community and seek a no obligation free quote from them. This would help you in getting a fair idea about the rates you can get when you apply for the loan.
How do i find a hard money lender i looked and did a serch i am not sure where to look
Hi jcoleman, This is the only site i can really find for PA area it has all the subareas i do think you have to register here but usually have lists of Hard money lenders on there.
"http://www.lenderlab.com/location/hard-money-lenders-Pennsylvania-s-1_5863.html"
[Link deactivated as per forum rules]
Hope this helps.
"http://www.lenderlab.com/location/hard-money-lenders-Pennsylvania-s-1_5863.html"
[Link deactivated as per forum rules]
Hope this helps.