Financing in Hardin>Question Details

Shacksh8kr, Home Buyer in Hardin, TX

My credit score dropped to 567 due to medical bills, any lenders that would still consider me for mortgage?

Asked by Shacksh8kr, Hardin, TX Tue Jan 25, 2011

I have been with same employer for 4.5 years, grossing 5100 a month. I have perfect 3 year payment history on truck note, and also perfect 2 year payment history on several signature loans. No credit cards-never had any. I am trying to find a lender that would consider me for a 35,000 mortgage to purchase 1.65 acres with double-wide manufactured home on land. The property has been foreclosed on, and is listed at a very reduced price. I currently have 10% for downpayment, and should at least double that amount in the next few weeks. I know that if its even remotely possible to finance me that rates will be high, thats to be expected.

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You will no doubt having challenges finding a program that fits with your credit situation. I would, however, look at this as a setback and not a death warrant. You need to view this as a temporary setback and develop a strategy designed to raise your score. This is NOT insurmountable and with a discliplined approach it could only be months until buying is a reality. I recently wrote a post on my blog addressing this very issue and it may be of interest to you. You can find it at the following link - http://loanorama.wordpress.com/2011/01/25/is-a-bad-credit-re…
0 votes Thank Flag Link Tue Jan 25, 2011
I do have lenders that will go down that low, but not for a double wide. I can put you in touch with a solid credit repair company that will get you there. What year is the mobile home? I can double check what the credit requirements are for the lender that would do this specific mobile home. Each lender has an age limit on mobile homes. You may contact me at ssmith@1bluesky.com or 214-405-7264. Having done mobile homes before, they do have a few more requirements than land or house.
Thanks,
Sera M. Smith
Loan Officer
NMLS 354776
ssmith@1bluesky.com
214-405-7264 cell
0 votes Thank Flag Link Tue Jan 25, 2011
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