Home Buying in Canby>Question Details

Eskelsons, Other/Just Looking in Canby, OR

I have a credit score of 575 how will that affect me to purchase a manufactured home under 50,000.

Asked by Eskelsons, Canby, OR Sat Mar 5, 2011

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Unless you are able to find a private lender - 575 wont allow you to get a bank loan of any kind that I have heard of. DON'T give up. There are private lenders out there that can help- check with your realtor to see who they know that might be able to help!
1 vote Thank Flag Link Sun Mar 6, 2011
Your credit score could be greatly improved within a few short months by following a prescribed course of action. I recommend talking to lender who can get you started on the path to better credit as soon as possible.
0 votes Thank Flag Link Thu Aug 1, 2013
Credit scores neededon Manufactured Homes here are actually 700 or better with 20% down. In my area this is not considered to be Real Estate and treated like a Bank or Car Loan with only several banks that participate.
0 votes Thank Flag Link Sun Mar 6, 2011
Your credit score needs to be much higher to purchase a home. The price of the property is not the issue, but the credit score is. There are 4 different typse of manufactured homes, and to find a lending institution to finance a used manufactured home is very difficult. The modular is the easiest of the manufactured homes, but not with a low credit score. Contact a local mortgage officer and he/she will assist you with guidance on how to improve your score. It may take a year, but you didn't get it down to that score overnight. Good luck. Martha Dodd-Slippy, GRI, ABR, SRES, SRS, SFR, NC and VA Associate Broker, Wilkie Real Estate, Inc. Cell: 434-604-4444.
0 votes Thank Flag Link Sat Mar 5, 2011
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