Unfortunately your scores wouldn't qualify you for a conventional mortgage on a second property... you need to be at 680 with a down payment of 10%. Also not sure that they would count a manufactured home. You may talk to a land bank lender or an ag lender about a farm loan... that's the best advice I can give...
Still I am pretty sure that the lending requirements are going to put you out of the running.
Still I am pretty sure that the lending requirements are going to put you out of the running.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
You should try to send goodwill letters to have the lates on the cars removed... same with the student loan
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
I currently own my home, with about 30% equity on a $340k home. I have around $70k in liquid assets (mostly cash) and I could use maybe $40-50k for a downpayment on the second property.
I have no debt whatsoever except my current mortgage (standard 30-yr fixed, I'm in year 4 now...). Prior to paying off both of my vehicles about a year ago, I had a couple late (30d) dings on those. No credit card balance for 4 years or so.
The thing that's killing me is a student loan that I let go delinquent about 2 years ago, but I paid it in FULL about 18 months ago. However, having gone 6 months late, the creditor reported it to the state for guarantee money. Although I paid in full (and have a letter from creditor confirming this), it dinged my credit hard. FICO dropped to around 520 as recently as a year ago, but because all payments have been on time for everything since then, I'm up to around 620-635 (depending on which score I go by on Exp or TransUnion) now and hopefully climbing still...
Do I have a shot at a loan on the land? It's 100 acre parcel with a small (manufactured) home and a stick-built workshop. I'd be using it for recreation, some business activity. But I'm after the land, and the home would be used only as an office and not be occupied or rented.
I've heard loan rules are different and more stringent for seconds...I've got verifiable income for the last four years that shows my debt / income ratio is well within bounds. I would be looking for a 15-year fixed term, and I'm prepared to pay a higher rate based on my history (seems like rates are stupid low right now anyway, and a "high rate" today would be a "low rate" 15 years ago) . Who would I talk to about doing this?