Cleugers Posted December 12, 2004 Report Share Posted December 12, 2004 We are repairing are credit and have had some success but more to go my DH scores are 499, 501, 515 my scores are 530, 557 and 514 We want to buy land and manufactured home together, we are looking into an FHA we just sold the house we live in which we has an FHA mortgage the problem is when we bought the house we had a cosigner and he went bankrupt back in Julywhich stopped our payments which put us behind, once the house was released from bankruptcy the mortgage company was working with us to do a modification but we wanted to get our cosigner off the note and the only way to do that was to refinance or to sell so we sold we have we are looking to finance about 95,000 total with about 20,000 down and our current mortgage will be paid off the thing I'm concerned about is while the house was in bankruptcy it is show late pays we will still be able to get financed if we continue to work on our credit or is it hopeless. TIA Link to comment Share on other sites More sharing options...
Carlos Posted December 12, 2004 Report Share Posted December 12, 2004 I checked into something like this a couple years back because manufactured home was (and still is) the only thing I can affdord. In any case the apparent bargain was quickly diminished by the standard rates for financing a manufactured home. Ther were something like 12% for a 10-yr and 15% for a 15-yr, no 20-yr rates were available and that was the lowest assuming good credit. If you could stick the price for the structure on a couple of platinum cards and then attach it to the land, after that get a good HELOC you may come out ahead. Since this was a while back things may have changed but the overall experience I got left me with cold feet. Link to comment Share on other sites More sharing options...
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