Posted on: 08th Jul, 2009 04:21 pm
I pay a $500.00 rental payment and found a mobile home for $16,900 and with moving exspences would be $18,000 and our credit score is around 475.We did pay off alot of bills to repair it. What and were do I get alone threw and what kind of interest payment would I have.
Hi lcarpenter,
"...our credit score is around 475."
With a credit score of 475, you will hardly find a lender who would like to finance your purchase. You need to have a 600+ score at least to qualify for a loan. Is it your current score? You said you have paid off a lot of bills. This could have improved your credit by certain extent. Have you checked your recent scores?
As far as the interest payment is concerned, it depends on a lot of factors. If you have a good credit score, a good amount of down payment and you pay a few discount points at closing, you can avail a low interest rate.
"...our credit score is around 475."
With a credit score of 475, you will hardly find a lender who would like to finance your purchase. You need to have a 600+ score at least to qualify for a loan. Is it your current score? You said you have paid off a lot of bills. This could have improved your credit by certain extent. Have you checked your recent scores?
As far as the interest payment is concerned, it depends on a lot of factors. If you have a good credit score, a good amount of down payment and you pay a few discount points at closing, you can avail a low interest rate.
Borrowers must have a minimum credit score of 620 in order to get an affordable rate of interest. However, you may get manufactured home loans in spite of having poor score but you'll be charged higher interest rates. So, you can try for loans that are not score driven but even such loans require you to have a moderate credit score of 550 and above
I will suggest you to improve your credit score and then go for mortgage it will help you.