Elevation survey showed part of the property in the flood zone. The main floor of the property was 1.3 ft above the flood plain but the crawlspace was not. Even with flood insurance because it is a manufactured the end lender would not buy it therefore my broker could not fund it as the property cannot go FHA. Also according to my LO GMAC also no longer does manufactured home loans and he could not find any other lenders that would do them if I ended up finding another property. So now I'm spending time signing more paperwork to release myself from this deal. As the tax credit was extended till next yr not looking till probably January to recover my losses and have more money to put down to where perhaps I can go conventional.
For you mortgage guru's out there. My scores right now are TU 682, EQ 618 (this was before I paid off my cc) plan on low util, paying off in full, etc. Plan on my scores increasing in the next few months as I have a couple more paid debts that will drop off by then. What can I do to prep in the meantime and how high do I need to get those scores before a bank will accept 10% down?
Thanks 