Posted on: 15th Oct, 2012 02:43 am
I'm 68 years old and I and my wife are looking for a mobile home loan. I have several questions within this question. We just moved out of our apartment and before that we only owned one mortgage which we lived in for 30 years when we sold, and moved into an apartment. Would that variable of only owning one home be a problem when applying for a loan at our age? My wife gets social security (SSI), and I get retirement from working in the police force. Would those be counted as income to apply a loan for a mobile home, or any loan for that matter?
Hi Katseye,
Owning one mortgage won't be an issue. The lender will look into the fact as to whether or not you have a good income, good credit score, etc. Social security and retirement will be considered as your income.
Take care
Owning one mortgage won't be an issue. The lender will look into the fact as to whether or not you have a good income, good credit score, etc. Social security and retirement will be considered as your income.
Take care
Hi Katseye!
Welcome to forums!
Just having one mortgage won't be a problem for you. But as both of you are senior citizens now, so it will be better if you could take out a short term loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Just having one mortgage won't be a problem for you. But as both of you are senior citizens now, so it will be better if you could take out a short term loan.
Feel free to ask if you've further queries.
Sussane
I am agree with Sussane that given your age short term loan would be the best option for you. Social security and retirement benefits will be considered as income while approving you a mortgage loan. Your credit score will also matter a lot.
A lot of lenders do not loan on manufactured homes. We lend on them nationwide.
It depends on the company you consult for getting a loan. Many of them do a case study and then decide for providing loan, while with some you would easily go with it as one mortgage is not big issue with earning like of yours.