My dh and I are trying to buy a manufactured home and need help! Our credit score is fairly low, a middle score of 580, but our income is good: $60,000 last year, and we just paid off $10,000 worth of debt (guess we should have saved it for a down payment instead!). Anyways, we are looking for 100% financing and need it ASAP. We have looked all over, and everyone either won't do it, or they want 15% down, or they would do it if our credit score was 630, or what have you. We have NEVER had a bankrupcy, and have never defaulted on a loan, although we have had late payments. The house we are looking to buy is a manufactured on perm. foundation. The listing says it is 11-20 yrs old, though I'm inclined to believe that it's closer to 11 yrs old. It is on 3.2 acres, with a wood burning fireplace, 4/2.5 baths, wooden fixtures, large deck, real wood cabinets, storm windows, 2100 sq ft, there is a large workshop on the land, with an office and bathroom located in it. It is a forclosure. The bank just installed a new septic tank. Located in KS. The asking price is $80,000, and the tax value is $108,000. We have owned 2 houses before in TX and never had problems getting loans (the first was $90, the second that we just sold was $110), but we just moved to KS and are wanting/needing to buy. Does anyone know of a private lender, investor, or someone who can help?
I was also thinking that if someone wanted to roll our debt into a lump loan, we could pay it all back, with 9% interest, in 4.5 years. Either way we are going to get out of debt in 2 years, leaving only our mortgage. But if someone wanted to invest, that would be better! Thank you.
I live in KS and I work in the MH niche (including double-wides on land). Contact me and we can talk about your situation.