Posted on: 07th Oct, 2010 03:39 pm
I lost my husband earlier this year and have been trying to keep up with things with the loss of his income. Unfortunately, it has not been going well. I have a mobile home that is paid off and could use a loan to pay off the other debt and get back to one payment which I can handle.
Does anyone know of a company that would give a loan to someone in my situation? My credit score is average of 510 at this point. I have been employed at my current employer for 6 years and my monthly income is $2100. My lot rent is $325. I would need about $10,000 and if I could get it financed over 15 years, I could definately handle the payment and be able to put some money in savings for a rainy day.
The mobile home is 1996 and I am told is worth around $17,000, so there would still be equity there.
Thank you in advance for your help,
Does anyone know of a company that would give a loan to someone in my situation? My credit score is average of 510 at this point. I have been employed at my current employer for 6 years and my monthly income is $2100. My lot rent is $325. I would need about $10,000 and if I could get it financed over 15 years, I could definately handle the payment and be able to put some money in savings for a rainy day.
The mobile home is 1996 and I am told is worth around $17,000, so there would still be equity there.
Thank you in advance for your help,
Hi cedwards,
Though you have employment history of 6 years, with the credit score that you've mentioned, you won't be able to get a mortgage. You should have a minimum credit score of 580 in order to qualify for a FHA loan. Unless you've a credit score of 580, you won't be able to get a mortgage. You'll have to improve your credit score first and then look out for a mortgage. To know some steps to improve your score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
Though you have employment history of 6 years, with the credit score that you've mentioned, you won't be able to get a mortgage. You should have a minimum credit score of 580 in order to qualify for a FHA loan. Unless you've a credit score of 580, you won't be able to get a mortgage. You'll have to improve your credit score first and then look out for a mortgage. To know some steps to improve your score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
She makes significantly more money, in the 6000/mnth range. She has a credit score of 630 due to a bankruptcy discharged in february of 2008. Due to our mothers death, she is part owner of the mobile home. Would she be able to get a loan?