terdrivemecrzy Posted January 25, 2005 Report Share Posted January 25, 2005 sometime around spring, early summer i hope to be in a position to shop for a mobile or modular home on a small piece of land. it may take checking into a few different lenders to see if i can get approved at all. wont more than one inquirey on my report hurt the very same process i am trying to do?? also, if anyone knows of any good companies to try, with a not so great credit score but a long history....apx 650???? i know that sometimes mobiles and mods are hard to find financing for. Link to comment Share on other sites More sharing options...
firstsource Posted January 25, 2005 Report Share Posted January 25, 2005 It is going to be much easier & cheaper in rates, to stay with a modular home, when you are ready to purchase. They are treated in the financing part of the industry the same as a SFR (Stick built home) I am sure that you are going to do research to make sure that the company you choose to build your home has long term satisfied customers. It is also going to be much easier to sell your home when you want to move,or refinance when you want to take some cash out, if you stick with Modular homes. One of the quirks in the mortgage industry, is that if you purchase and own the land prior to building on it, when the home is complete and you get your final financing, it is treated as a refinance. Positive thing about that is that it is a case where most times 1+1 does not equal 2. So if you have a piece of land that is 50K,and the home is 50K, the appraised value may be 110K. Finally, based on scores alone, you should have no problem in getting a loan for 100%, When you are ready to get started, make sure that 1) the people you give permission to run your credit within a 13 day period of time, then there is only one "hit" to your scores. 2) I would caution you to check out the fine print if you go to an online service to get loan quotes, just make sure that there is a limit to how many can run your credit and when. One way to avoid the problem is to find a broker that will run your credit and send it to you. Offer to pay them for it, as they run between 15 and 30.00 for most brokers/loan officers. Then you can accurately give the information to the potential lenders, and send them the report to look at, without your ssn on them (black the number out before you send) That is enough information for a lender to give you a quote of rate and terms and program. Charles Link to comment Share on other sites More sharing options...
terdrivemecrzy Posted January 25, 2005 Author Report Share Posted January 25, 2005 the people you give permission to run your credit within a 13 day period of time, then there is only one "hit" to your scores.........................does this mean- if, say three different people/companies run my credit report within 13 days, it will only be one hit on my report??? Link to comment Share on other sites More sharing options...
firstsource Posted January 26, 2005 Report Share Posted January 26, 2005 Correct.Due to the change in the law, or actually an addition I think, FACTA is the acronym, you will be getting a credit report from the wholesale places that we order credit from, every time a report is run. You, the consumer, does not get any scores for free, but you do have an indication now of what is going on. Good law.Charles Link to comment Share on other sites More sharing options...
amortgageman Posted January 26, 2005 Report Share Posted January 26, 2005 Charles, I know that this does not really apply to you or I, since we are very liberal and ethically sound in our business practices, but.......The FACT Act requires that the lender/broker release the credit scores to the borrower. Not necessarily the credit report, That is still available through the Credit Reporting Agency, if the loan is declined because of credit.Now if you were to release the credit report, then the scores would be attached.Just a backwards moment, we all understand. Link to comment Share on other sites More sharing options...
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