Posted on: 19th Aug, 2009 06:30 pm
i have a 1992 double wide modular on 40 acres in colorado. its on a permanent foundation and the title has been purged. my current mortgage is at 9 % but its adjustable. i owe around 110,000 on it now and 7 years ago it worth 175,000, so i know i have equity in it . i want to refinance and get some cash out to pay off some medical bills, and do some repairs. my home went to foreclosure but i was able to cure it before it actually was foreclosed. i have not been late on a payment for a year and half now. i have no idea what my or my husbands credit score is but i am guessing around 600-620. i am having trouble locating any company that will do a loan for a modular on 40 acres. can you help please!!! thanks
Hi jeanjim!
Welcome to forums!
With a credit score of 600-620, it would be difficult for you to get a refinance. If you want to go for a conventional loan, you would require a credit score of around 720-740. Moreover, the lender would also look whether or not you have a good income. In my opinion, you should first try to improve your credit score and then look out for a loan. To know some simple steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
With a credit score of 600-620, it would be difficult for you to get a refinance. If you want to go for a conventional loan, you would require a credit score of around 720-740. Moreover, the lender would also look whether or not you have a good income. In my opinion, you should first try to improve your credit score and then look out for a loan. To know some simple steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane