I'm on disability and my husband has been self-employed for over 25 years. We want to sell our mobile home and buy a house more suited to us, but with low income and bad credit (due to identity theft we are still dealing with), we're not sure if it's even possible. Where and with whom should we start?
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You may not get a mortgage or have to pay higher rates because of your bad credit. I would see a loan officer at a bank and explain your situation, and see what they can do for you.
Try a lender that's business revolves around helping those with bad credit:
evoquelending.com/
It may be important to fix your credit rate first. In the meantime, you could consult with your local bank or local lenders for their input and see where you stand.
Is it a do-able situation? What are the steps toward buying a home. Also, do you have any family, friends or children who could co-sign to help get lower rates possibly?
Or, if you have money to potentially pay off the home saved then the credit would not mind.
Reality? I believe you should consider the actual value and salability of your mobile home before thinking about how to get your credit approved.
It is very difficult to sell a mobile home as they traditionally have very little resale value - low equity.
Are you depending on the money from the sale of your mobile home to make a down payment? Do you have other funds available to make a down payment? Is your mobile home paid for? How old is it? Is it on a rented lot or on your private property (mortgaged or not?)?
You should consider all of the questions above when thinking of selling a mobile home as they are usually very difficult to sell - under any circumstances.
Only select companies will finance a used mobile home; one that is not very old, excellent condition, nice low rent lot, to people with very good credit and the interest rate is usually very high.
Banks do not usually finance any type of mobile home.
Can you sell your mobile home for cash? Maybe - if it free and clear and the price is very, very low.
Are you currently paying a mortgage or paying for a rental lot?
Do you have at least 5 years of paying a monthly payment where you live? Have at least 90% of the payments been paid on time? All payments paid on time in the last 2 years?
This may seem like a bleak picture and in your area all of this may not apple but you should check this out before asking about getting a loan for another residence. You say "low income" and "self employed for 25 years" so do you have a good record of paying your present living expenses on time?
You may have to be realistic and if your mobile home is not suitable then perhaps you should discuss your situation with someone at HUD as they may be able to fit you into a more suitable place at a price you can afford.
This, of course, is assuming you are receiving some sort of government assistance; such as food stamps and/or Medicaid.
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