A ? about getting approved for a loan, either a bank or non-conventional

Discussion in 'The Watercooler' started by MidwestMom, Mar 25, 2013.

  1. InsaneCdn

    InsaneCdn Well-Known Member

    Except, not in Illinois... <duck>
     
  2. DammitJanet

    DammitJanet Well-Known Member

    No no no, mwm, HUD does have homes for SALE to the disabled. They do the financing. There is also something called Farmers Home loans that are income based but Im not entirely sure if they are called that anymore or if they have moved under HUD. You can get financing through HUD for manufactured homes too. Just comb the website for your state.

    Have you checked zillow.com?
     
  3. ForeverSpring

    ForeverSpring Well-Known Member

    I've looked at zillow, Janet. Nothing comes up. I'll check out HUD and see. Remember, hub is not disabled though. And I'm not physically disabled. I'll check it out through. Thanks.

    IC, I would actually be fine with IL, but want to stay close to Sonic and Jumper and husband's job is right here.
     
  4. susiestar

    susiestar Roll With It

    Just noticed this. With a credit score in the 600's, esp high in that range, you should be able to get a reasonable loan. Esp in another year and a half. If at all possible, go and buy something that you need to amke payments on. Make every single payment on time and pay it off by the time you need a loan for the new place. This ends up on your credit report and will increase it.

    If you don't want to do that, that is fine. Do go into your bank or credit union and speak to someone. They should give you some ideas of what you will qualify for and what the payment would be for loans of varying prices. THis should help.

    Call your utility companies and ask what can be done to lower bills. Around here there is a new program with the gas and utlity co's to save money. They charge less for power used during off-peak hours, meaning any power use during 2pm to 7 pm is peak, and any use at other times is less expensive. By using the bare minimum during those hours you can save hundreds if you sign up for this new pricing. It is fairly new, but several people I know have save fifty to more than three times that amount per month so far. I was surprised because I didn't think any of them would be paying enough to save nearly that much per month. We use the heat and a/c a LOT, largely because of me. If I get too hot I end up throwing up for hours and husband hates it when I am sick that way. So he will turn the a/c on or open a window in the winter and both can drive the bill up. Plus we have a big freezer and two fridges. But from the estimates, we will save about eighty a month with this new plan.

    Go and start looking at what is out there. I know during the peak of the real estate bubble my folks bought a mobile home that had lots of upgrades and five or eight acres (cannot remember) and a big shop building plus three smaller sheds, for thirty five thou. The price was crazy low for that market. They sold it a year and a half ago for more than twice that, in SPITE of my bro's "improvements" to the land. A business bought the land next to them, and wanted to expand. They had asked my bro about it, and for some reason he was honest and told them my folks owned it. Most people who had asked in the past were told that he owned it and would sell when he was in his grave. I think his daughter was there so he didn't lie - she is honest to a fault and would have corrected him if he said he owned it. Or else she answered the question before he could. But they offered my folks an amount that made them happy to sell, as they thought they would be stuck with the land and no one living on it once he got his graduate degree and a 'real' job. IF that happens.

    If you look around, I bet you can find something that you can be happy in. I don't like parks that dictate who can live with you. t hat irritates me. Around here it is harder to move into a mobile home park than any apartment or development other than the latest golf club development. The mobile home parks here are expensive for lot rent plus they want a super high credit rating, insane deposits ($1500 is the cheapest deposit), and you pay for the background check to the tune of $100+ per person. ANY brush wtih the law means you are out. Even traffic and parking tickets keep you out of two of the places. It is nuts, esp given what they deliver for the cost.

    But look around carefully. Keep an eye on things and you will find something that works. I would go to your bank before a mortgage broker. Many mortgage brokers will try to talk you into something just a bit over what they calculate is your price range. I wish we hadn't gone with one when we bought our last house. We won't do that again. Go to the bank and they will give you an honest picture of what you will qualify for. If you don't qualify, find a credit counseling co with a good reputation in your area. Ask them what you can do in the next 18 mos to improve your outlook.