Posted on: 12th Sep, 2007 08:53 am
i want to get a secured loan or home equity loan for a small amount against my mobil home which is
paid for and worth 55,000 - 60,000.00 my credit score is low due to a work injury where i was out of work w/out pay for a year having surgery. i have workmans comp case pending. i make very good money and own my home who will lend me money
paid for and worth 55,000 - 60,000.00 my credit score is low due to a work injury where i was out of work w/out pay for a year having surgery. i have workmans comp case pending. i make very good money and own my home who will lend me money
David,
Lenders would be looking at your debt to income ratio at the time you apply for the loan. You need to check if it is within the specified limits or not. Also let us know how bad is your credit profile currently, is credit score very low?
How much loan you are looking to get?
Lenders would be looking at your debt to income ratio at the time you apply for the loan. You need to check if it is within the specified limits or not. Also let us know how bad is your credit profile currently, is credit score very low?
How much loan you are looking to get?
"I WANT TO GET A SECURED LOAN OR HOME EQUITY LOAN FOR A SMALL AMOUNT AGAINST MY MOBIL HOME WHICH IS
PAID FOR AND WORTH 55,000 - 60,000.00 MY CREDIT SCORE IS LOW DUE TO A WORK INJURY WHERE I WAS OUT OF WORK W/OUT PAY FOR A YEAR HAVING SURGERY. I HAVE WORKMANS COMP CASE PENDING. I MAKE VERY GOOD MONEY AND OWN MY HOME WHO WILL LEND ME MONEY"
How do you come to the value of $55-60k?
How much money are you trying to get?
What is very good money?
Did you have steady income before the workmans comp?
How long have you owned the m home?
PAID FOR AND WORTH 55,000 - 60,000.00 MY CREDIT SCORE IS LOW DUE TO A WORK INJURY WHERE I WAS OUT OF WORK W/OUT PAY FOR A YEAR HAVING SURGERY. I HAVE WORKMANS COMP CASE PENDING. I MAKE VERY GOOD MONEY AND OWN MY HOME WHO WILL LEND ME MONEY"
How do you come to the value of $55-60k?
How much money are you trying to get?
What is very good money?
Did you have steady income before the workmans comp?
How long have you owned the m home?
"I WANT TO GET A SECURED LOAN OR HOME EQUITY LOAN FOR A SMALL AMOUNT AGAINST MY MOBIL HOME WHICH IS
PAID FOR AND WORTH 55,000 - 60,000.00"
Is it on permanent foundation?
Many lenders would require that the mobile home be on permanent foundation to consider your loan request.
PAID FOR AND WORTH 55,000 - 60,000.00"
Is it on permanent foundation?
Many lenders would require that the mobile home be on permanent foundation to consider your loan request.
Hi David,
When you have thought of taking a home equity loan against your mobile home, then you must know that to qualify for this type of loan, the mobile home must have been built after 1977 and must meet the HUD standards.
If you meet this qualifying factor for mobile home equity loan, then you will get the benefit of lower interest rate charged on this type of loan. As a result, you can also save some money for meeting your other expenses.
When you have thought of taking a home equity loan against your mobile home, then you must know that to qualify for this type of loan, the mobile home must have been built after 1977 and must meet the HUD standards.
If you meet this qualifying factor for mobile home equity loan, then you will get the benefit of lower interest rate charged on this type of loan. As a result, you can also save some money for meeting your other expenses.
David,
You may consider going for Title I home improvemnt loan program on mobile homes. This will require you to have a decent credit history and financial ability. But in your case, the score isn't that impressive as you have mentioned. So, you need to find out if its applicable at your score. You may even get a loan from one of our communtiy lenders if at all his profile can match your requirements.
You may consider going for Title I home improvemnt loan program on mobile homes. This will require you to have a decent credit history and financial ability. But in your case, the score isn't that impressive as you have mentioned. So, you need to find out if its applicable at your score. You may even get a loan from one of our communtiy lenders if at all his profile can match your requirements.
Would like to get a $20,000 loan using my mobile home that I own and is on my own land on the lake. Money would be used to pay off all the loans that I have to consolidate into one monthly payment at a smaller amount. Credit score is 530, and the bank I have used for 20 years will not loan to me.
Hi Terri,
With a credit score of 530, it will be very difficult for you to qualify for any kind of mortgage or loan. You should take steps to improve your credit and then apply for a mortgage.
Thanks
With a credit score of 530, it will be very difficult for you to qualify for any kind of mortgage or loan. You should take steps to improve your credit and then apply for a mortgage.
Thanks