 | How do you get financing for a mobile home with bad credit, now that subprime lenders have gone under??? |
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Question: How do you get financing for a mobile home with bad credit, now that subprime lenders have gone under?Here's the deal, internet. Last week, we had a loan for a doublewide. Tuesday when the Fed shut down most of the subprime lenders, our loan company was one of them. Now we have a contract, a closing date comming up in two weeks, and no LOAN! What now?
Answer: you try to find a new lender asap or you can't close. Try 21st mortgage, they do mobiles.FTR....the manufactured home people you are buying it from should be helping you find a new lender unless you are buying it used ,already on land, in which case you might ask a local realtor for help. -If your credit is under FICO score of 500 you will have a very hard time. Yes a lot of sub prime lenders are out or on their way out but sub prime loans will not go away. The requirements will be tougher though than they have been. -My daughter is a loan officer and she works with mobile homes. She works with Premier Mortgage and can put a rush on loans to close. If you would like to contact her the number is 240-843-4416, ask for Amanda and tell her Gina referred you. -Get advice from your lawyer on this one.You cannot close obviously, but are there clauses in the loan contract if you pull out now.
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