Manufactured Home Loan w/ BK

[Anonymous]

My wife and I are looking at purchasing a manufactured home in a mobile home community and I am having a hard time finding information about loans for such homes. The only information I have been able to find so far is that they are quite different from a conventional loan.

The homes we are looking at range in price from $20,000 to $50,000 but the one we are most interested in is $30,000. I filed for chapter 7 BK in 2011 and it was discharged at the end of August 2011 so I am about 1.5 years post discharge. My scores are all right around 650 and I make $48,500/year, my wife's scores are all around 750 but she does not work. I have about $7,000 for a down payment. I have student loans with a total balance of $16,500 and my wife has a car loan in her name only at $21,000.

My main questions are can we obtain a loan for a manufactured home now or do we have to wait the minimum 2 years as with conventional loans? If we can qualify, should my wife co-sign or is it not worth it since she has no income? If anyone has any any other information that would be helpful regarding manufacutred home loans, please chime in.

Thanks

[MovingForward_2012]

I think that you are probably going to have to wait out the full two years for FHA/VA/USDA. Conventional requires 4 years after discharge. You are close though! Now, if the BK deletes off of your reports before then, you can buy at that time.

As far as your wife consigning on the loan, I think that probably won't do much good unless you went conventional...which you can't. And even still the lower score would determine the interest rate for conventional. So the only way she would help is if she made the required income and qualified on her own. The only real reason to have her on the loan as a co borrower is to include additional income to qualify. All applicants must meet min score requirements and secondary borrowers only help with income.

I would start discussing your situation with several Brokers to get their take on when you could apply and what loan product would be best.

[DallasLoanGuy]

contact a manufacturer of these mobile homes.... maybe they will share a list of lenders with you.

i wouldn't know where to get a loan for a mobile these days

[Anonymous]

Thank you for your responses. I have contacted one of the communities we have been looking at and they do in-house financing on their homes. They informed me the BK is not an issue for them and they also have some lenders that work with people that have filed BK. I guess I will see what their financing options look like this weekend

[JM-AM]

Dallas is correct most mobile homes and manufactured homes are financed through dealer like purchasing a car.

[MovingForward_2012]

Interesting! If it is like that then the BK should not be an issue. Didn't know financing for mobile homes was different. That's good! :-)

[Anonymous]

Well I guess the next question would be should I try to go through the in-house financing or one of their preferred lenders or would it be better to maybe get a personal loan(if even possible).

[JM-AM]

Typically it is much easier to let them deal with the financing. Trying to acquire the financing on your own is not as easy and many Lenders dont do them.