Today was great! I was able to help a couple through the maze of credit and financing options on financing a manufactured home in Oregon….
As everyone know, financing a home purchase can be daunting today. The good news is that financing a manufactured home is not as complicated as everyone thinks….
The first requirement is that you have a job, and a job history of at least 2 years. You do not have to have worked for the same employer or in the same industry, but worked for at least 2 years…. As always, there may be some exceptions to the rule….
Secondly, you must have filed your taxes and be able to provide the prior 2 years W-2’s or tax returns.
Thirdly, you will need your last 2 months pay stubs…..
All this information is required for verification of the information that you put on your credit application.
Your credit score is important!!! If it is marginal or if you are just starting out, there are lenders for you. J and M Homes, / and Colonial Home Loans, http://www.colonialhomeloan.com/ has a great variety of loans for everyone. Both these companies offer loans for homes located in communities, /communities/ , or on your own land. Both these lenders finance used and new homes so now you have a choice.
If you are just starting out and have very little credit established there are also lending products for you.. You may also want to apply for a credit card or a small installment credit contract. Be careful not to abuse it. Make sure that you make your payents on time or early every month. If you don’t it will reduce your score!!!
All lenders require down payments… don’t let anyone fool you on this. Depending on your credit score the lender will stipulate the amount required for a down payment…
If you have had a bankruptcy in the last 7 years, be prepared for a larger down payment. Most of the time you will need a period of 2 years or more from the bankruptcy discharge to the application time. During this time you will also need to make sure that you make all your payments on time…
Lots of people have medical bills!! Even this can be overcome!!!
Check with J and M Homes, and Colonial Home Loans, to see what they can do for you. 1-877-645-4500
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