Need help finding a lender for a manufactured home purchase

[TxStorm]

Do you know of any manufactured home loan lenders in Texas that would give me a first time homebuyer's loan? Here is my info:

Asking price of 1996 singlewide with land is $42,500

I have at max $5000 total for a downpayment and closing costs

My credit scores are Exp-598, Equ-586

Most negative items on my credit report are doctor bills

I must have a fixed rate

I only want myself on the loan (not my wife too, as her credit is even worse)

I've been at my job for over 5 years

I've been at my apt. for 4 years

I talked to one loan officer (weststar) who thought he could do it for me, but when he started asking for my info he wanted my wife's info too. I told him that I only wanted myself on the loan. He said that I couldn't get a home loan unless both of us had our credit checked. Is there someone else I can use that will only pull my credit?

I appreciate any answers on this, and thanks for the help thus far!!!

[SecretAgentWoman]

Ah, did you miss this thread?

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=262678

As for the credit pulls, I don't think there is such a thing as the lender not pulling the spouse's file if you are married. Ruined many a person's good credit, marriage has. All marrieds will be looked at equally for big purchases, period.

I know of people (I'm one of them) that refused to get married until the other person cleaned up their credit (in my case, I made him claim bankruptcy).

[TxStorm]

2 more questions:

Are there any lenders out there that actually will consider the whole big picture when looking at the borrower (employment history, rental history), and not just ONLY look at the Equifax credit score to determine if that borrower is "qualified"? I personally feel that my rental history and job history should be far more important in my corner when trying to get a home loan than medical collections on my credit report weighing down my scores, as timely medical payments do not provide a roof over my head; but timely payments to the landlord does.

Any ideas on how I can get some new good credit to appear on my report within 60 days? I thought about using a loan company to lend me a small amount, save the cash, and just pay it right back when its do and on time. Any other suggestions on how to knock my credit score up a few points real quick?

With all of my good credit (car loan paid off with no lates, other loans with no lates)being 9 years old, I'm in a real need of some good credit as fast as I can get it.

[myscoresawful]

I personally would check and see if you would be breaking any type of law by not telling them you are married? I mean, if they ask, it's one thing, but if you didn't volunteer the information? (I don't know, I've never purchased large while I was married).

One thing that I found really difficult when I was considering purchasing a mobile home (a nice double wide on an acre of land) is that NO ONE...and I mean NO ONE, would loan money on a mobile home if it did not have a cement foundation. This may be a TN law, I don't know...but I tried every imaginable type lending and it was the same thing over and over. This mobile home didn't have one, but about 6 months after that, I drove buy and the original owner had put one around it. (basically amounted to a cinder block skirting, only with stronger formation).

Mobile homes are getting more and more difficult to get financed. I believe it was Sallie Mae lost a ton of money a few years back on mobile home loans alone, and have stopped purchasing this type of loans.

I will tell you this much, after all the research that I did, I was told over and over that my best bet would be to go to my personal bank and try to get a loan there. Maybe because your bank will take into consideration your personal banking with them over a period of time as a factor, I don't know.

Good luck!

April

[kimber6337]

I talked to one loan officer (weststar) who thought he could do it for me, but when he started asking for my info he wanted my wife's info too. I told him that I only wanted myself on the loan. He said that I couldn't get a home loan unless both of us had our credit checked. Is there someone else I can use that will only pull my credit?

Crock!

Texas is a community property state, and a spouse does NOT have to be included in a mtg. My spouse isn't on mine, he didn't sign ONE paper in the closing and although he should be (and I was told at closing that he would be), he is not even on the tax papers with the county.

So who ever told you that you are married and your spouse HAS to be included is looking for a bonus somewhere down the line.

Find another lender.

~kimber

in Texas

[TxStorm]

I will try my bank next then. With my current scores I can only hope and pray that it will work. Maybe a 10 year note can be used here.

Thank you all so much for your help!!! It is much appreciated!

[cowgirl]

Kimber's exactly right. The lender cannot MAKE you put your wife on the note. I'm a Small Commercial lender in California and help people with their credit restoration as well. Manufactured home loans are hard to find with good rates, and usually have lots of stipulations. I have a cousin that sells new manufactured homes in Missouri. I can ask her to help you if you'd like. I would be willing as well to help, although it's not my specialty.

Good luck!

Lyndasue

[cowgirl]

I just looked at your scores. Although they're better than they were, your best bet is to wait until all 3 scores are above 640. I know you're anxious, but you're going to pay a really high interest rate with a mid-score of 575. Do you need to move right away? Better to stay put and keep up the good work on your scores.

Don't want to rain on your parade, but being in the mortgage business, I see a lot of what gets turned down.

Lyndasue

[Nancy_ME]

If you decide to arrange your own mortgage, rather than using a broker, there are various options, such as talking to business contacts, your own bank, financial advisers or your accountant.

With the Internet you have access to hundreds of lenders who offer instant quotes and advice. If you are happy with a quote you find online, it is recommended that you telephone the lender in person before signing up - you may find you can get an even better deal and can also confirm details.

[TxStorm]

Thanks again for the advice!!!

I am feverishly working to improve my 3 credit scores. EX currently shows a 651, TU came up to 634 and EQ (still work to do) is at 566. I feel that in a month or less EQ should get above 600 because there are at least 4 accounts that should come off as a result of disputing. When that happens I will try again for this loan.

I feel as if I don't have much time, as the seller has just dropped the price of the home by $10,000 to $32,500. At that amount, I'm worried it will sell soon.

[winter97]

We are getting a Manufacture home loan through Weststar too. They wanted my info too. But I am not on the loan. I wonder if they just want to check and make sure we aren't hiding bad stuff on mine. Here in NM we are communal property I think.

Whatever you do don't go with Land Home financial or Western financial, they are one in the same. We had tried with them for 4 months. They never knew what the other was doing, put you off for ever, and then called us a few days before closing and say "we can't do the loan you are in a flood zone" DUH!! I had been asking and asking about that since we are by a river. That is one of the first things a lender looks up before they start a loan. They hang us on for 4 months and then say OOPS! Very unprofessional.

Well Weststar is doing the loan and in just 2 weeks they got us our house moving, should be here Monday! They where able to work around the flood issue that just had Land Home stumped

Good luck!!

[mommabear]

We were financed in 2002 for a brand new single wide. No cement foundation. We also had a 10,000 down payment. Our credit scores were better then, but we are in a locked 7% (ish) for 7 years. Little more than 2 years to go now...less than that as we have recently paid off the truck ($400 month) and will start applying that to the loan.

We were financed through National City. I love them. They are extremely helpful with everything and I love the 10 day grace period every month.

[firstsource]

Loan application comment:

Do not ever lie on a loan application. There is a check box to ask if you are or are not married and you or the loan officer must mark that box.

If you lie on a loan application and the loan goes into default there are serious repercussions when that happens. If the loan is one that could be sold through fanniemae or freddiemac, those are government agencies, and most all are, you don't want someone from the government contacting you about what was said on the loan application

Charles

[TxStorm]

Update:

I've finally got some key deletions on my Equifax credit report. My FICO scores are now 620 and up. With any luck, they will continue to climb.

I'm hoping this will make it easier to finally get this home loan.....

[TxStorm]

Well stick a fork in this idea for me..............they sold the house just as I knew they would. It was only a matter of time at that low price.

Back to looking for a real house again........I'm through with looking at mobile homes for now.

At least my credit is better now8-)

[shan2themax]

Well stick a fork in this idea for me..............they sold the house just as I knew they would. It was only a matter of time at that low price.

Back to looking for a real house again........I'm through with looking at mobile homes for now.

At least my credit is better now8-)

I feel you.... it happens to me every time..... I get tired of telling myself that it just wasnt meant to be

[crnbread73]

I am not sure if they will do it with your credit or is they will lend in TX but here in CA Wells Fargo lends for Manufactured Homes.

[SecretAgentWoman]

I was told in TX there were so many defaults/repos on manufactured home loans, more than 50% of the lenders quit, and those that are left ONLY loan to prime borrowers with good to excellent credit, mid-650s minimum score required.

The key is - if you want to buy/or own the land, it's much easier. For those who LIKE living in a park on leased land it's near impossible. There is almost no one who will give a loan without land to secure it unless you are Mr Perfect Credit or have a huge down payment. (And yeah, people like that go for manuafactured homes over stick homes, right...)

[zowie]

i would never buy a manufactured,mobile home again it was like putting 40,000.00 on a credit card

[mattandallismom]

We were financed through National City. I love them. They are extremely helpful with everything and I love the 10 day grace period every month.

I love National City too They are a great company!!! BTW don't ever go with a company that National City recently sold First Franklin now Home Loan Services. They are predatory and charge illegal interest rates and pre-payment penalties.