Posted on: 21st Oct, 2008 07:22 pm
We are trying to purchase a new manufactured home in Ohio and we own the land with all the improvements already in place, but we are having trouble getting approved for a loan because of our credit score. Our scores range from 520-580 and we have a co-signer with a score between 580-620. Is this a possiblity or should we just give up hope? We deffinitly have the means to afford the home we just need the bank to give us a chance.
Hi country_honey!
You can try for FHA loans which are given to people with a credit score of 580. Contact a FHA approved lender and check the plans and programs available. I think you will get a loan.
Thanks.
You can try for FHA loans which are given to people with a credit score of 580. Contact a FHA approved lender and check the plans and programs available. I think you will get a loan.
Thanks.
Hi country_honey!
You can try for FHA loans as James have suggested. I think you will get FHA loans as they are available to people with a low credit score of 580.
Thanks.
You can try for FHA loans as James have suggested. I think you will get FHA loans as they are available to people with a low credit score of 580.
Thanks.
Hi country_honey,
Welcome to our forums.
You shouldn't give up hope if your credit score is close to 580. Moreover, you have a cosigner as well. So, I suggest that you try for FHA loans as such programs are offered at low scores. However, if you have been through late payments or unpaid collections in the past 1 year, then chances are nil. I hope your mobile home has a permanent foundation as because it's a necessity when it comes to getting a mortgage.
What I would suggest is, you have a talk with a few lenders and find out what they have to say. You may even seek no-obligation free mortgage quotes from our community lenders so that you'll come to know what rates you may qualify for.
Good luck and let us know what offers you're getting. Just feel free to discuss the offers with our community experts/lenders in our forums. :)
Welcome to our forums.
You shouldn't give up hope if your credit score is close to 580. Moreover, you have a cosigner as well. So, I suggest that you try for FHA loans as such programs are offered at low scores. However, if you have been through late payments or unpaid collections in the past 1 year, then chances are nil. I hope your mobile home has a permanent foundation as because it's a necessity when it comes to getting a mortgage.
What I would suggest is, you have a talk with a few lenders and find out what they have to say. You may even seek no-obligation free mortgage quotes from our community lenders so that you'll come to know what rates you may qualify for.
Good luck and let us know what offers you're getting. Just feel free to discuss the offers with our community experts/lenders in our forums. :)
Thanks to everyone for the info and encouragement. I believe we are going to go ahead and see what we can do. I will keep you posted of our progress. Wish us luck and God Bless You All!
"The happiest people don't necessarily have the best of everything;
They just make the best of everything they have."
"The happiest people don't necessarily have the best of everything;
They just make the best of everything they have."
Hi country_honey!
You are always welcome and please do tell the forum members if you were able to get the home loan. Wish you all the best. Have a great day!
Sussane
You are always welcome and please do tell the forum members if you were able to get the home loan. Wish you all the best. Have a great day!
Sussane