Posted on: 07th Sep, 2010 07:26 am
hi, i'm on ss disability and have been for over 25 years. i currently am paying a loan on a mobile home in a park that my roommate and i purchased about 4 and a half years ago. i am having trouble paying the lot rent and loan on it since my roommate passed away about 8 months after we bought this home. we had put about a third down but i still owe just under $48,000 on it. with the housing collapse i might be able to sell it and pay off the loan, but don't think i would get very much out of it after real estate agent fees are paid-maybe a few thousand dollars at most.
i have found a few mobile homes in parks with cheaper lot rents and houses, but my income is a problem. i have very good credit-my car is paid off but my income is holding me back from being able to lower my monthly payments-any ideas of debt to income ratios i can use? i figure i can put about a third down on a nice singlewide that is newer than my current home-but i need between $15,000 and $20,000 on a loan. if my figures are correct i think i can save about $350 a month if i can find someone to finance me. any ideas of where to look would be appreciated. thank you
i have found a few mobile homes in parks with cheaper lot rents and houses, but my income is a problem. i have very good credit-my car is paid off but my income is holding me back from being able to lower my monthly payments-any ideas of debt to income ratios i can use? i figure i can put about a third down on a nice singlewide that is newer than my current home-but i need between $15,000 and $20,000 on a loan. if my figures are correct i think i can save about $350 a month if i can find someone to finance me. any ideas of where to look would be appreciated. thank you
Hi lablover,
Once you sell off your existing property, it would be easier for you to get a mortgage in order to buy a new property. If you already have a mortgage on one of your properties, you won't be able to get another mortgage.
For conventional mortgage, the debt to income ratio should be 28/36 and for FHA loans, the ratio is 31/43.
Thanks
Once you sell off your existing property, it would be easier for you to get a mortgage in order to buy a new property. If you already have a mortgage on one of your properties, you won't be able to get another mortgage.
For conventional mortgage, the debt to income ratio should be 28/36 and for FHA loans, the ratio is 31/43.
Thanks
Ultimately up to you to use these formulas and coefficients to their own financial situation. Remember, while the number can help you get approved for a loan, not give the whole story. Some people may pay a little more while others pay less, depending on lifestyle and other factors.