Posted on: 08th Jul, 2010 05:35 am
I want to get a new moble home. We have bad credit. We have collatoral for a value of 32,000 but MH cost is 20,000. New MH not on the collatoral. How does something like that work.
Hi kelsey_victory,
No Income No Asset (NINA) loans are hardly available these days. The lender will want to check out your income before approving a mortgage. Whether or not you would be able to pay off the mortgage will depend upon your income and present financial situation. You also have bad credit which will again ruin your chances of getting a loan. You should improve your credit first and then try to look out for loans.
Thanks,
Jerry
No Income No Asset (NINA) loans are hardly available these days. The lender will want to check out your income before approving a mortgage. Whether or not you would be able to pay off the mortgage will depend upon your income and present financial situation. You also have bad credit which will again ruin your chances of getting a loan. You should improve your credit first and then try to look out for loans.
Thanks,
Jerry