Heather, Other/Just Looking in Merryville, LA

first time home buyer with 618 credit score

Asked by Heather, Merryville, LA Tue Feb 23, 2010

I am currently renting a house with my fiance in DeRidder LA. i am looking to buy a mobile home for $30,000, and put a $5000 to $6000 down payment, and cannot find anyone to loan us the money. we have applied at 3 different banks, and been denied. my fiances credit score is a 618, and mine is a 720. I know if i just put my name on it we could get a loan but i have no income. My finance makes $2600 a month before taxes. All we have is 3 credit card bills, that equal $120 a month. if anyone could help me with this headache i would appreciate it!

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Scott Godzyk, Agent, Manchester, NH
Tue Feb 23, 2010
Heather you are facing 3 uphill tasks, the first a loan for a mobile home, the second his credit score and 3rd is your income. You should meet with a mortgage broker and they may have to look at a specific mobile home loan, before they submit any applicaitions, they should be prequailifying you first. good luck with your search
Web Reference:  http://www.ScottSellsNH.com
1 vote
ian cockburn, Agent, New Orleans, LA
Wed Feb 24, 2010
Although I do not know Jill personally, Jill is the kind of Real estate agent you may consider working with...someone who knows the financial end of how to reach your goals in your neighborhood.
Web Reference:  http://iansellsnola.com
0 votes
Tom Boos, Agent, Mack Avenue, MI
Wed Feb 24, 2010
Purchasing a mobile home is much more like buying a car than a single family residence. Unless the mobile home is on a permanent foundation, it's unlikely that you will be able to obtain a real estate mortgage to finance it's purchase. My suggestion would be for you to see if you can join a Credit Union in the area. Often their lending requirements are a bit less-stringent than you would normally find at a local commercial bank. Good luck.
0 votes
Jill Crinion, Agent, Leesville, LA
Wed Feb 24, 2010
Hi Heather,

It is very hard to purchase a mobile home. Banks do not want to loan the money on a mobile home, because they can be moved. That just make them harder to purchase. Your down payment is good. Is the mobile home a single or doublewide? Does the mobile home come with land? I have sold mobile homes before and have been able to get my clients approved. I am a real estate agent and live in DeRidder also, please give me a call and I may be able to help you find a bank that will loan you the money. (337)348-2652. Take care, JIll
0 votes
Jane Grant, Agent, Aguanga, CA
Tue Feb 23, 2010
Heather: Make an appointment with a Certified Mortgage Planner who can assist you and give you specialized customer service.

Certified Mortgage Planners go through specialized training and can analyze your whole situation.

Here's a link:

Web Reference:  http://www.soreal.biz
0 votes
ian cockburn, Agent, New Orleans, LA
Tue Feb 23, 2010
Get rid if the credit cards...if the $120 is the minimum payment, that could be your answer why you cannot appear to get a loan.

Before you get married, you need to take control of your finances:
1) What is the total $ owed?
2) What is the time to pay that in "1" off?
3) What is your 1, 2 and 5 year plan?

Sit down and have a heart to heart / bank account to bank account discussion with your fiance about these 3 items and formulate a plan to eliminate debt, change your lifestyle or what ever it takes so 6 months from now you can go reapply again.
Web Reference:  http://iansellsnola.com
0 votes
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