What credit score do you need to buy a home
5 Responses to “Lowest credit score you can have in order to purcahse a mobile home?”
It’s not just a matter of credit score, it’s also a matter of how much money you make, how much you have in a bank and how much you can put down.
If you have a good steady income and can put down 20% of the purchase price, you can buy a mobile home even with a rather low credit score.
Instead of getting advice from "experts" here (and getting suggestions you didn’t ask for) talk to a mobile home salesman or an agent selling mobile homes. Just tell him or her your situation and ask if they qualify you. What do you have to loose if you ask?
Lowest credit score available to purchase a trailer? Wow.
Look dear, I used to work in the mortgage industry and you should consider it sound advice to rent or even apply for Section 8 housing if your credit is bad.
Start paying your bills, pay people what you owe, and get your credit together. Then buy a house. Not a trailer. They depreciate like cars.
And not to sound mean, but seriously, if you can’t afford a house, why are you buying a brand new car?
Don’t buy a mobile home unless it is on it’s own land and
on a permanent foundation. It is then "Real Property and may appreciate. If it is in a mobile home park, you will be paying on a depreciating value home and paying rent, (that most likely will increase every year) on the space it sits on. If you feel that you must buy in a park, then buy a newer used one and let the original buyer take the depreciation hit instead of you.
FHA mortgage do not require credit scores,FHA mortgages are easy to qualify for, the program was created to help to increase home ownership in the United states. FHA program makes buying a home easier and less expensive than other types of real estate mortgage Programs. Some examples include,
Minimal Down Payment and Closing Costs.
•Down payment less than 3% of Sales Price and 100% Financing options available
•Gift for down payment and closing costs are allowed up to 6% of Sales price.
•No reserves or savings required.
•Easy Credit Qualifying Guidelines
•No minimum FICO score or credit score requirements.
•FHA will allow a home purchase 2 years after a Bankruptcy.
•FHA will allow a home purchase 3 years after a Foreclosure.
would like information about how the FHA loans work. I am a single parent and would like to purchase a home. Looking to purchase a home within the next 6 months.Source: www.creditscoregoodrange.com