By Admin on Feb 22, 2010 in Renting & Real Estate
R1980 asked:
Hi,
We currently own a mobile home on it’s own land. We’re interested in purchasing a house, but have bad credit. A family member is going to loan us 40,000 (we’ll pay them back when the mobile sells). The house we want is 90,000. We make about 25,000 a year. Will we be able to get financed?
Hi,
We currently own a mobile home on it’s own land. We’re interested in purchasing a house, but have bad credit. A family member is going to loan us 40,000 (we’ll pay them back when the mobile sells). The house we want is 90,000. We make about 25,000 a year. Will we be able to get financed?
Even if you had good credit 90k is too much debt on your income. Additionally it is really hard to qualify for micro loans, 50k is just not enough to bother with.
You are going to need to purchase whatever you can get for the 40k cash you will have after you sell the trailer.
Landlord | Feb 23, 2010 | Reply
Check it out here. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
–house.blogspot.com/2008/03/bad-credit-loans.html
Good Luck…
Jena | Feb 25, 2010 | Reply