Question
What are my chances of getting a home loan?
I found a single wide sitting on 13 acres I want out of state for $55,000. Obviously if I move I will be in the unemployed category but I have $25,000 to put down, a SSI check on my daughter of 715 mo. and an estimated collateral of $22,000 on a 2009 grand caravan completely paid for. only 1 year of credit history with a score of 654. I just wanted to know my chances because no lender likes dealing with mobile homes or the unemployed or people with brand new credit.
2 months ago - 1 answers
Best Answer
Chosen by Asker
your situation is very difficult. you are correct in that companies do not like mobile homes, new credit, etc... I would ask do you really need to move out of state now? Can you secure a job before applying for the loan? That will look a lot better. and with most companies if you can explain gaps in employment, the underwriters will take that into consideration.
Source(s)
I'm a loan officer for a major financial institution & I look at credit reports daily. www.myfico.com is a good site for credit education - we used it during training years back.
by Taildog
2 months ago
Asker's Rating: 