Home Buying in Seattle>Question Details

joleen.bartle, Home Buyer in Firestone, CO

who can I go to to purchase a manufactured home with 50% down payment. I have a 550 fico and need a loan

Asked by joleen.bartle, Firestone, CO Sat Jan 18, 2014

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I can get this done for you. Email or call me.
bill@pcmtg.net 253-232-5843
0 votes Thank Flag Link Thu Feb 27, 2014
Your very best bet will be to buy something seller financed, then as Dan said spend that time in the interim repairing or building your credit. Just keep in mind, sellers will be doing their own "underwriting" so they won't have to follow conventional standards for approval. Another option, as Ray said, is to get a loan from a portfolio lender.

Good Luck

Kjell Bock
Coldwell Banker Bain
1661 East Olive Way
Seattle Wa 98102
Cell: 425.268.2627
Office: 206.322.8711
0 votes Thank Flag Link Sun Jan 19, 2014
I'm not aware of anyone that will grant a loan with 550 fico score. Do you belong to a credit union? Or, perhaps you have a relationship with a small, in-state bank? Most likely, you'll need a portfolio loan product...a custom loan. Are you buying the manufactured home from a private party? If so, you might ask if they would carry the loan for 2 years. That would allow some time for your credit to heal. Good luck with your efforts.
0 votes Thank Flag Link Sat Jan 18, 2014
I can't say who'd finance you, but I have an alternate suggestion. Take the funds you have and some time to fix your credit. I don't know what price mobile home you are considering, but as an investment, they aren't considered very good. Lenders for them at all credit scores are few and far between in part due to their depreciation.
Since you have some cash, consider paying down any outstanding debt you have to 1/3 or less of the high balance. Do not close any accounts, that will lower your scores. Also, don't do anything on old collections until you have everything else done and a lender approves you, subject to them being paid. Reactivating old collections lowers scores, even if you pay them off.
When you situation is looking a bit better, talk to US Bank or another regional bank. Sometimes they finance mobiles and are more flexible in their underwriting.
0 votes Thank Flag Link Sat Jan 18, 2014
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