After a long time of repairing credit....went from just under 500 to now sitting 700+, we've finally approved for a loan for a manufactured home and are currently waiting to hear back from the seller on our offer.
After acceptance (fingers crossed), we then will apply for the park. I was told that the seller can take up to 17 days to make their decision so the clock is killing me here lol
And the next big hurdle is the park. I have no idea how they view credit scores, or if its safe to assume if we could qualify for a loan especially in todays economy then chances are we will pass the park.
In the park's documents the only reference to credit guidelines is this, and it seems its from the FHA -
"Credit - All applicants must have a minimum of three years good credit history with Experian/TRW and Equifax credit reporting agencies. The maximum representative credit score permitted under Experian/TRW's "New National Risk Score" shall not exceed 500, with the Equifax "Delinquency Predictor Score" not exceeding 600."
Ive tried researching the two things, but no results. The papers given from the park are out-dated so... now Im on here asking if anyone has any idea. I know nothing is guaranteed or anything, but it would just help ease my mind not worrying about if my scores are good enough for the park. Is there anything in the myFico reports that show this score? Its obviously not the same score as the usual one we get.
Or does anyone know if we can find this out on our own, where to go?
