Chance of a Mortgage?

[Anonymous]

 I would like to purchase a new manufactured home or stick built. I have a   BK7 from 2005 and a current score from TU 701 and EQ 695. I would like to know if I might qualify for a mortgage. I am currently buying home with owner financing but would like to upgrade. Thanks

[LIGHTNIN]

Mortgage lenders look at more then just your credit score.They look at all 3 CRA's see if paying on time for the last 12mos-24mos.

Also your income, employment, who else you owe, the home and property you are wanting to buy..etc.

Heres the link to the sticky Help the FICO Forums help you(with your mortgage qualification questions) Great information!!

http://ficoforums.myfico.com/t5/Mortgage-Loans/Help-the-FICO-Forums-help-you-with-your-mortgage-qual...

Just take your dreams of owning a home step by step and before you know it....You will be a Homeowner!!

You wouldn't believe how long it took me.I moved into a  pre-foreclosure home, I paid her mortgage payments so it wouldn't go into

foreclosure(like renting) and after 6mos and 3 banks before I landed a mortgage.  Wow That was alot of work, but worth it.

[ShanetheMortgageMan]

You said you are currently buying with owner/seller financing - so does that mean you are mid-process and would like to cancel that transaction and switch to using traditional financing?  Or does that mean you have purchased a home already with owner financing, and would like to buy a new home for yourself with traditional financing?

Either way is fine, but if you already own a home, then it'll either need to be sold or you must qualify for the new mortgage as well as the existing mortgage.  If you are planning on renting it then you must have a minimum amount of equity (25 to 30%) in order for the rental income to count.

Since your BK is far enough in the past and it appears you have good reestablished credit, we'd just need to know what your income & debts are to determine if you could qualify for a new purchase and for how much of a sales price.