Question: I need a home loan for a downpayment and to help me get stuff into my house?

(Posted by: Courtney on 2010-03-09 08:42:30)

I am now looking to purchase a mobile home. I'm trying to get it as soon as I can before someone else purchases it so I need the downpayment money which is about 2000- 3000. She told me I can bring the money so they could take it off the market for sale. The problem is is that I don't have any credit history at all. So i would need for someone to cosign for me and that wouldn't be a problem. I just want to know is do any of you know any sites that I can go to to read up on some loans that gives loans to people with no credit history or bad credit that is a fast process? Thanks! And please no rude answers.!

Posted by: Realtyyoudefine on 2010-03-09, 08:58:09

There is no such thing as a fast process if you have no credit history or bad credit. And there is no free money out there for down payments, unless your local county or town is offering some special programs. You need to have cash for a down payment and closing costs as well as being able to demonstrate that you have a cash cushion for emergencies. In order to purchase a home you will need to show that you have some assets and credit history. I am assuming that you have not even applied for a loan yet? You need to speak to a lender right away to find out if you can even qualify for the loan. You should definitely educate yourself prior to making any purchase of a residence whether it is a mobile home or regular house. Go to hud.gov. That is the website for Housing and Urban Development. There are a lot of educational tools and information for first time home buyers there. Don't be in such a hurry! A home purchase is probably the largest investment you will ever make. Take the time to learn about the process. Here is what you need. Credit history Good credit score Sufficient income to qualify for the mortgage (talk to a lender about what you can borrow) Down payment, which you must be able to document that you have already Job stability Other assets or investments No or very few other liabilities

Posted by: knowitall on 2010-03-09, 08:45:57

You have a better chance getting the money from the tooth fairy. Mobile homes do not make good collateral for any loan even with good credit.

Posted by: golferwhoworks on 2010-03-09, 08:49:40

No scores no loan. The co maker on this will have to sign as the only borrower and add you to the title. See the problem is not the fact you have no scores. It is the investment world that does not want your loan. NO scores up to 619 scores are the very first to default on loans and that is the reason Wall Street does not want you. Sad fact since FHA has no scores required and will allow alternative trade lines to make up a score. It is that no one will do the loan in this climate I am a mortgage banker in TN

Posted by: wizjp on 2010-03-09, 08:56:04

You do know that only family or employers can cosign in most places?