Posted on: 29th May, 2010 08:13 pm
i have a 1976 mobile home in a community. i found a foreclosed mobile home on land that i want to buy. problem #1: i had bankruptcy discharged last June. Is there any way i can get financing for $45,900 by giving up my current home and maybe adding a vehicle as collateral?
Hi Shyann,
You will have a bit of difficulty in getting a loan because of the bankruptcy on your credit report. You generally have to wait for at least 2 years for an FHA loan and 3-4 years for a conventional loan. Since your bankruptcy is just about 1 year old, qualifying for a new loan would not be easy. By the way, what's your credit score at present?
Even if you are going to use your existing mobile home as collateral, most lenders would not want to offer a loan because the home is quite old. In order to qualify for a mobile home loan, the home needs to meet the standards as specified in the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. Most homes built before 1976 do not meet the property and safety requirements and hence, do not qualify for loans.
However, there are lenders in this community with whom you may go for a no-obligation free mortgage consultation. They will consider your financial situation, check your credit scores, the property eligibility, etc. and will let you know if you can qualify for a mobile home loan now or if you have to wait for some more time.
You will have a bit of difficulty in getting a loan because of the bankruptcy on your credit report. You generally have to wait for at least 2 years for an FHA loan and 3-4 years for a conventional loan. Since your bankruptcy is just about 1 year old, qualifying for a new loan would not be easy. By the way, what's your credit score at present?
Even if you are going to use your existing mobile home as collateral, most lenders would not want to offer a loan because the home is quite old. In order to qualify for a mobile home loan, the home needs to meet the standards as specified in the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. Most homes built before 1976 do not meet the property and safety requirements and hence, do not qualify for loans.
However, there are lenders in this community with whom you may go for a no-obligation free mortgage consultation. They will consider your financial situation, check your credit scores, the property eligibility, etc. and will let you know if you can qualify for a mobile home loan now or if you have to wait for some more time.