Posted on: 21st Mar, 2008 07:45 am
I am in desparate need of a NINA loan for a manufactured home. How much income is needed to qualify for say, a $60,000. loan? and where do I find these lenders? I have credit score over 640.
dear mouse goddess,
what you are looking for has virtually disappeared. i do not know of any lenders who are doing nina's or no doc's anymore. if they are out there, they will be very low ltv's (probably around 70% at bet), require very high credit scores (over 720), and very high rates.
the reason for this is that the investment market that used to buy these types of loans on the secondary market has evaporated, and therefore lenders won't make these loans if they don't have any investor's that will buy it.
do you know for sure that you need a nina? is it possible that you could go with a stated loan? have you checked with your local bank? what is the value of the home you are trying to refinance? is is on more than 5 acres?
what you are looking for has virtually disappeared. i do not know of any lenders who are doing nina's or no doc's anymore. if they are out there, they will be very low ltv's (probably around 70% at bet), require very high credit scores (over 720), and very high rates.
the reason for this is that the investment market that used to buy these types of loans on the secondary market has evaporated, and therefore lenders won't make these loans if they don't have any investor's that will buy it.
do you know for sure that you need a nina? is it possible that you could go with a stated loan? have you checked with your local bank? what is the value of the home you are trying to refinance? is is on more than 5 acres?
right on, kpatrick - these loans have truly disappeared unless a subprime lender steps up and offers it.
i surmise that stated income loans are the exclusive territory of self employed borrowers now, also.
and i concur that a 640 credit score will likely generate raised eyebrows from all lenders approached, instead of a real offer of financing.
mouse goddess - this does not appear to be a scenario that you will find much success with, at least any time soon.
i surmise that stated income loans are the exclusive territory of self employed borrowers now, also.
and i concur that a 640 credit score will likely generate raised eyebrows from all lenders approached, instead of a real offer of financing.
mouse goddess - this does not appear to be a scenario that you will find much success with, at least any time soon.
I mentioned the credit score only because all the mobile home financing requires at least that high. Mine could be higher, I don't know. There are no late mortgage payments, or anything else late, either. The problem here is that I have cancer and had to draw some equity off my house. I had no idea that the property values would go down, or that by now my husband would also be disabled. We've been waiting on his Social Security Disability, but for right now, we're running out of equity money and I feel we should get out while we still have some money for a down on something else (and Manufactured housing is the least expensive option). Our mortgage company offers no help. I don't know what to do, or where to go.
Dear MouseGoddess,
Welcome to Mortgage Fit,
Really sounds like you are between a rock and a hard place. I understand that you want to purchase something right now. Waiting around for a house to drop on your head is not going to do the trick. Nothing beats failure than a try. I can only encourage you to go ahead and try to get prequalified first to get a loan. There are many options available, but you will not know what you can get until you try.
where do I find these lenders?
There are several lenders who can help you out right on this site.
I wish you the best of luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Welcome to Mortgage Fit,
Really sounds like you are between a rock and a hard place. I understand that you want to purchase something right now. Waiting around for a house to drop on your head is not going to do the trick. Nothing beats failure than a try. I can only encourage you to go ahead and try to get prequalified first to get a loan. There are many options available, but you will not know what you can get until you try.
where do I find these lenders?
There are several lenders who can help you out right on this site.
I wish you the best of luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
