Posted on: 11th May, 2010 05:41 am
My boyfriend and I only both have credit scores in the 500's do you think we can qualify for any loans we are looking to purchase a mobile home and we both work and we have land that we have been paying lot rent for
With scores such as you describe, it is virtually impossible to obtain a purchase-money loan. You might find a hard money lender who would work with you, but since mobile homes are generally quite less expensive than your average home, the loan amount you'd be seeking won't be particularly attractive to any lenders.
You are far better off to begin working to raise those scores to a level that will allow you to find an fha or conventional lender to work with you.
You are far better off to begin working to raise those scores to a level that will allow you to find an fha or conventional lender to work with you.
build the credit scores and in the mean time look at building a deposit. Harm money lenders are mainly interested in equity rather than credit score, so if you can front up a decent deposit you might be able to work with one of them.
Of course the best mid-long term strategy would be to wait until your credit has improved enough to get a traditional loan, and keep building that deposit in the mean time. That'll allow you to avoid some of the unpleasant conditions that go along with bad credit loans.
Of course the best mid-long term strategy would be to wait until your credit has improved enough to get a traditional loan, and keep building that deposit in the mean time. That'll allow you to avoid some of the unpleasant conditions that go along with bad credit loans.
