Posted on: 12th Mar, 2009 01:41 pm
I am looking to purchase a new manufactured home and although I have been approved for a "home only" loan that will ultimately be placed upon family land, I wonder if I should go with this offer.(As stated in Mortgage Know-How, $96,000 at 10% for 20 years). Some particulars:
My annual Income $31,200
car payment: 219.00
CC payments(min.): $75.00
Credit Scores
Tranunion: 688
Equifax: 695
Experian: 649
(Scores as pulled from Transunion on 2-13-09)
Employed in the same industry/employer for 11 years in June.
My fiance (co-applicant)
Annual Income: $23,400
car payment $118
cc payments (min): $15.00
We haven't pulled fiance's score but the lender who gave the above offer said he was around 634.
Employed in the same industry/employer for 15+ years
I've been given a trade-in value of $7000 from the dealer for the single section home that currently sits on family land. This land has a payoff balance of $38,500 (payment are currently $573.00/mth).
Ideally I rather go with a loan that wraps everything in one payment rather than have to make the payment on a home only/chattel loan and also have to pay the existing payment on the land. According to the payment calculators the all-in-one loan's monthly payments would be cheaper as well.
Given the above particular would we qualify for a FHA loan?
My annual Income $31,200
car payment: 219.00
CC payments(min.): $75.00
Credit Scores
Tranunion: 688
Equifax: 695
Experian: 649
(Scores as pulled from Transunion on 2-13-09)
Employed in the same industry/employer for 11 years in June.
My fiance (co-applicant)
Annual Income: $23,400
car payment $118
cc payments (min): $15.00
We haven't pulled fiance's score but the lender who gave the above offer said he was around 634.
Employed in the same industry/employer for 15+ years
I've been given a trade-in value of $7000 from the dealer for the single section home that currently sits on family land. This land has a payoff balance of $38,500 (payment are currently $573.00/mth).
Ideally I rather go with a loan that wraps everything in one payment rather than have to make the payment on a home only/chattel loan and also have to pay the existing payment on the land. According to the payment calculators the all-in-one loan's monthly payments would be cheaper as well.
Given the above particular would we qualify for a FHA loan?
Your debt ratios and credit scores would allow you to qualify for an FHA loan. The one tricky thing with a manufactured home is that it has to be on a permanent foundation and then declared real property. As long as the manufactured home meets FHA guidelines you would qualify for an FHA loan.
Hi tanya,
As far as I can understand your situation, I don't think you will face any problem in qualifying for a FHA loan. I would suggest you to speak to the some of the FHA lenders of your area and check out the rates and terms you may get. Thus you will be able to judge whether you can afford the mortgage or not.
If you want, you can also speak to the lenders and of this community and get a no obligation free mortgage quote. This will let you know what type of rates you can get. You will also get a fair idea about the current market rates.
Thanks
As far as I can understand your situation, I don't think you will face any problem in qualifying for a FHA loan. I would suggest you to speak to the some of the FHA lenders of your area and check out the rates and terms you may get. Thus you will be able to judge whether you can afford the mortgage or not.
If you want, you can also speak to the lenders and of this community and get a no obligation free mortgage quote. This will let you know what type of rates you can get. You will also get a fair idea about the current market rates.
Thanks