headache Posted December 27, 2004 Report Share Posted December 27, 2004 We are thinking of applying for a used mobile home and land. Since all of our charge offs are 5 and 6 years old and we recently paid off a loan and are paying as a greed on another auto loan, I am hoping that the bad credit won't be as much of a problem. I'm now wondering if since my husband switched jobs several times in the past year and 2 months ago became self employed, if that will cause a problem?Will not having a steady work history affect our ability to get approved?Will the combination of this and the old bad credit be enough to get a definate no? Link to comment Share on other sites More sharing options...
liverichly Posted December 27, 2004 Report Share Posted December 27, 2004 Lenders want to see 2-3 (depending on the lender) years of being self-employed before they'll count that as income. Part of the reason is that self-run businesses usually fail within the first 2-3 years. The only option is to do a no-doc loan, but I've only seen full doc loans for manufactured homes. Link to comment Share on other sites More sharing options...
firstsource Posted December 29, 2004 Report Share Posted December 29, 2004 To answer your question, there are lenders that will accept bank statements as income, and if your husband is in the same line of work that he has been for 2 years, that might work. If he worked at this new venture for a few years before going full time, that might also work.Not your question, but important. For your, or anyone's first home, I would suggest that you purchase a "stick build" or modular home to start off. Manufactured homes that are actually mobile homes, depreciate in value. There are a number of lenders that will lend for a mobile home that is attached to the ground with a foundation and are taxed as real property, but long term you are much better off with a stick built. Charles Link to comment Share on other sites More sharing options...
liverichly Posted December 29, 2004 Report Share Posted December 29, 2004 Some good information on mobile/manufactured housing:http://www.mtgprofessor.com/A%20-%20Purchasing%20a%20House/manufactured_housing_the_bad_news.htm Link to comment Share on other sites More sharing options...
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