Posted on: 07th Feb, 2011 06:36 am
Good morning. I want to secure a loan to buy a mobile home my parents own. I have been paying on it for 2 years now and they are ready to retire. I make about 50k and its been 5 yeaars since my bankruptcy. The tax roll shows its value at 170k how much should I expect to put down? Additionally will the 17k I've already paid count toward the down payment? My credit score is about 630.
Hi hendricksfan!
Welcome to forums!
You will have to put 20% down in order to get a conventional mortgage. If you want to qualify for FHA loan, then you'll have to put 3.5% - 5% down payment. The money that you've already paid toward the mortgage won't count as a down payment. With a credit score of 630, you'll be able to get a FHA loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to put 20% down in order to get a conventional mortgage. If you want to qualify for FHA loan, then you'll have to put 3.5% - 5% down payment. The money that you've already paid toward the mortgage won't count as a down payment. With a credit score of 630, you'll be able to get a FHA loan.
Feel free to ask if you've further queries.
Sussane
You can get a FHA loan and pay 3 - 5% down payment if you have a credit score of 630+ , (I also highly recommend FHA as you need much less down)