Financing in 60914>Question Details

Marsha, Renter in Bourbonnais, IL

i'm looking to buy a manfactured home for around 35,000. i have low credit scores and have filed bankurptcy possible to get a a loan?

Asked by Marsha, Bourbonnais, IL Fri Jul 29, 2011

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Hi, you best bet is to sit down with a mortgage broker/lender. She or He will be able to help determine what programs are available to you. You will need to inform the agent of how long ago your filing for BK was complete. That will have an impact . Best of luck to you!
0 votes Thank Flag Link Fri Jul 29, 2011
Marsha,

Nope, keep renting. Sorry, but if you want a loan with a low interest rate you're going to have to wait at least 2 years after your bankruptcy has been discharged. Otherwise find a hard money lender, who will probably need 30% down payment and will charge you a double digit interest rate. Good luck.

Mike.
0 votes Thank Flag Link Fri Jul 29, 2011
Marsha it is unlikely unless you have at least 20% down. the only true way you will be able to know you can get a mortgage is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any loans that you may quailify for.

http://www.trulia.com/blog/scott_godzyk/2010/10/where_do_i_i…

Please see my blog for more tips and advice on getting am mortgage
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0 votes Thank Flag Link Fri Jul 29, 2011
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