Posted on: 21st May, 2010 04:09 pm
My husband Rick and I have been renting a manufactured (triple-wide Nobility 1998) on 5 acres for a year now and are hoping to buy it. The owner is willing to sell but wants us to name a price. She is not willing to owner finance or to do a lease to own. I know she bought it 5 years ago for $147,000. We live in Groveland, FL. Our credit isn't great, but getting better. Mine is 580, Ricks is over 600. We have done some improvements with landlords okay, but no finance reimbursement. Window screens for all windows, 2 ceiling fans installed and a 11 x 14 shed. We have trimmed back the citrus trees and revitalized them plus the peach trees and installed an arbor for the grapevine. Plus have a 1/4 acre of vegetables and strawberries. And for once since the landlord bought the place, taken care of mowing the full 5 acres and ridding it of weeds. (Heard from neighbors, others had trashed the place.) That was evident when we moved in and started cleaning up the site of broken glass and trash. We would love to buy it, but need direction on going about qualifying for it. Is there any finance company that can help us? If we can find out what we can qualify for, then we can present that to her. I believe she wouldn't find selling it. And also it would help if she decides to raise our rent which right now is $850. a month.
Hi stormhillstudio,
With a 80 credit score, it will be difficult for you to qualify for a loan. However, your husband, who has a credit score of over 600, can qualify for a FHA loan. I would suggest him to contact lenders approved by FHA and apply for loans. The lender will go through your financial situation and let you know how much loan you would be able to get.
This community, too, has a large number of lenders. You can seek a no obligation free mortgage consultation from them. This will help you know whether or not you would be able to get a mortgage and what terms and conditions you would be getting.
Thanks.
With a 80 credit score, it will be difficult for you to qualify for a loan. However, your husband, who has a credit score of over 600, can qualify for a FHA loan. I would suggest him to contact lenders approved by FHA and apply for loans. The lender will go through your financial situation and let you know how much loan you would be able to get.
This community, too, has a large number of lenders. You can seek a no obligation free mortgage consultation from them. This will help you know whether or not you would be able to get a mortgage and what terms and conditions you would be getting.
Thanks.
Thanks I appreciate knowing something. Most lenders I requested an answer, will not reply. Any answer to let me know where I stand would help. My credit is improving daily. I am paying off debt faster and making all payments on time every time for the past year alone. This includes the shed and a new truck payment. So I know it will go up. Thanks again.