Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:
â€¢ Two most recent years of Wâ€™2â€™s/income 1099â€™s
â€¢ Two most recent years of Federal Income Tax returns
â€¢ Two most recent pay stubs
â€¢ Two most recent months of bank statements (all pages)
A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.
A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
Bill, you will have a small loan to value in that case however I'm unsure that the credit score needed would change. I have a couple mortgage specialists that I could recommend you talk to who would be able to answer your question and would be able to tell you what to do to get qualified if you were unable. Contact me if you like and I'll get you in touch with one of them.
Best of luck!... more
In many states--I don't know about Alabama--mobile homes are titled like automobiles. If that's the case in Alabama, your DMV (Department of Motor Vehicles) may have the information on the owner and on any liens on it.
Also, check with your local tax assessor. Find out about the land the mobile home is sitting on. That, too, may tell you who the owner is. And perhaps it'll uncover a lien on the property filed by the bank.
In my opinion just because someone has fair to poor credit doesn't mean they can't afford a loan, but good credit is the key I would suggest a couple of things find out what your credit score is, then if it is above 620 you are good the next thing would be to look at the income to debt ratio. If you haven't already go to freecreditreport.com for the credit score go online to www.dseay.com for mortgage calculations to see if they can give you an idea of your monthly payment for a mortgage. Always speak with a mortgage lender or a credit union they have means that may assist you with this loan. Don't get discouraged either if all it is is credit that is holding you back, sit back, wait, then move! Credit repairs can be done on your own too. Oh also they have what is called USDA mortgage loans check them out in your area and see if you may qualify, they may even be able to show you other financial options for the loan. Hope this helps.
Also too some banks will let you do the finance with down payment incorporated into the loan amount.... more