Perhaps the key is this VA backing you mention. Basically what you would be getting is a VA loan,,so first off thank you for your service. Second the design of the VA loan is that you do not need to bring in a down payment, thus these funds you are talking about might be best used to pay off your credit cards, or this new Car loan.. your credit will surely increase and debt to income ratio will look much stronger for your loan. Sadly, when someone who is serious about purchasing a home and goes out and buys a new car instead of a new home many lenders wonder why and if they can afford both. Hopefully this new car is really a used car that has low payments as one always must fully understand what their priorities are. For some it is a shiny new car for others it is a home in which to own . As for $150K home, the VA Loan can definitely handle that for those who are approved. Best thing to do is find a Realtor who works with Vets like yourself perhaps one with a "MRP" (Military Relocation Professional) Certificate, they are best suited to helping you and helping you find a Loan Officer that works well with the VA. ,Good luck to you.... more
A 650 score would be a conventional financing requirement. However, for an FHA loan (which most manufactured homes are going to be purchased through) your credit score limits are going to be up to the lender. Most lenders require a 580 or above while I can do it with a 550. Hopefully you will work with a lender that makes it easy for you to qualify.