High Risk Lender- appraised value much higher than selling price?

Question

(1) Please don't bash on me because we need a mobile home-  we are no longer able to rent where we are living-  (with family- they are moving)

We are working on reparing credit- but our scores are still around 520-  we found a mobile home- the blue book value is 40,000 and the guy is only asking 18,000 to sell it.  He just needs out of the mortgage, so he can get a mortgage on a house (so lease to purchase is out- we already asked).  We both have two cars- they don't have loans and we bought them free an clear-  they each are worth about $4,000-  so still not enough to cover $18,000.

My question- I know it's really hard to get a loan with our still bad credit scores (everything is paid off- we just need 24 more months to continue good payments and brings scores up).  However, can anyone direct me to somewhere (please ont post if you're scamming me with a yahoo address. lol)  that would possibly approve us for a loan (we have the income)- because the appraised/blue book value is so much higher than the sale price- it would be good for the lenders since we are considered high risk-   help

Go with the flow · Answer

Please don't believe that blue book value - ok?
It is not always reliable.
Even worse if you haven't looked it up yourself and you are believing the seller on this

Mortgage companies will not make mortgage loans for less than 50,000
If you are lucky you might find one that does 45K
Even so, you would need a down payment - doesn't even sound like you have this.
At least 20% down on a mobile home, since they depreciate so rapidly.
Hopefully you are not getting this appraised value from property tax documents

You don't even know if there are liens on the property or the trailer.
They often do, when a seller is desperate.
Hopefully you will have a good lawyer that will do a thorough title search before you buy

Bill · Answer

Your best place for a mobile home loan would be through a federal credit union.  They would handle the loan just like a car loan for 4 or 5 years.  You would probably have to pay a high interest rate  8-10% range.   $20k loan(includes tax and registration) @ 10% for 5 years = $425 p/mo  Plus you would have to pay park rent and utilities.  It could be higher than renting an apartment for the first 5 years.  Good Luck

Bostonian In MO · Answer

There's no way that you're going to get any kind of loan at all with those terrible credit scores.  Sorry, but that's just a cold, hard fact of life.  You're going to have to rent for now, and may even have trouble getting a lease with your scores, but if you must move that's your ONLY option for the next 2 to 3 years minimum.

godged · Answer

It is highly unlikely any hard money lender is going to touch this.  MH's lose value like a car depreciates.  And the facts are the even hard money lenders want to see at least a decent credit score, yours is unfortunately bad.

? · Answer

There are NO mortgages for under 50k and none for mobile homes.
You need to find a personal loan. Blue book value has NO bearing on you finding a loan

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High Risk Lender- appraised value much higher than selling price?

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