Posted on: 08th Jan, 2011 07:14 pm
Hello,
My Finace has been looking into buying a manufactured home. His grandmother has given him a piece of land ( a little over 1 acre) and the land apraises for about $18,000 dollars, the land already has electric and a septic system.. His credit score is currently 650 and he is only about $2,000 dollars in debt,makes $50,000 a year and has been at his job for 5 years. He does have a deliquent phone bill on his credit that we plan on paying off .. We wanted to use the land for collateral to buy a double wide, the price of the double wide is about $87,000 with the delivery and set up fees and to put the home on permanent foundation.. Would you recommend waiting until his credit score goes up or should he try for a loan now ? If so do you know a ball park estimate of what his interest rate would be with his current credit score? Thank you for your time!
My Finace has been looking into buying a manufactured home. His grandmother has given him a piece of land ( a little over 1 acre) and the land apraises for about $18,000 dollars, the land already has electric and a septic system.. His credit score is currently 650 and he is only about $2,000 dollars in debt,makes $50,000 a year and has been at his job for 5 years. He does have a deliquent phone bill on his credit that we plan on paying off .. We wanted to use the land for collateral to buy a double wide, the price of the double wide is about $87,000 with the delivery and set up fees and to put the home on permanent foundation.. Would you recommend waiting until his credit score goes up or should he try for a loan now ? If so do you know a ball park estimate of what his interest rate would be with his current credit score? Thank you for your time!
With a credit score of 650, your fiancé will be able to get a FHA loan. If he wants to get a conventional mortgage, then he will have to wait unless his credit score improves to 700-720.