MH loans and credit scores, advice needed

9 years ago

So Several years ago I ran into some financial difficulty and messed up my credit (Collections from late payments and two cc charge offs, NO Bk or forclosure or anything like that) anyways so I've been slowly taking steps to help my score and credit report. It's come up some but the "bad stuf" still remains on there for lenders to see. Once the 7 year mark comes up I pan to write to all three bureaus to request to have it removed (still 2-3 years away). I've been monitoring my credit report with a free monitoring app (credit karma) and my score has always been in the high 600s so here I am thinking that I'm turning a corner and things are looking possible for me to get my home but I just recently checked my actual FICO and its placing me in the low 600s. I was so disappointed when I saw that it's actually lower then I thought this whole time! I was under the impression that lenders for MHs won't even consider a borrower under 660. Is that true? I plan to put 20k down with a top budget of around 75-80k for everything (after install etc). Is there anyone here that is in a similar situation and was able to get a loan for your MH? I'm a nurse and I have decent paying job that I've been with for 8 years, I have good payment history on my vehicles it's just that period of time in my life that things went down hill (brief period of time) that's ruining things for me. Also does this mean I absolutely can't get financed for a used MH (10-12 years old max)? Thank you in advance :)

Signed, a disappointed hopeful future MH owner :(

Also I realize this is slightly off topic but if anyone has advice on ways to improve my score that would be great! I've recently opened a secured cc and I pay my other cc on time and keep my balance below 25% usage. I rarely use either one of them but when I do I pay it off in full as soon as I get the statement.

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Comments (5)

Mamabear
Original Author
9 years ago
last modified: 9 years ago
Anyone?

Or does anyone know of a forum where I can get advice on this?
wantoretire_did
9 years ago
Try this GW site X-post here.
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Mamabear
Original Author
9 years ago
Thank you, I'll check it out :)
Sunnysmom
9 years ago
You may need to actually apply. I think they may use a different report.. maybe called trimerge. I have noticed that different sites such as credit karma, myfico, etc have very different numbers and the only one that matters is the one that the company you apply with uses.

There is no reason why you can not go talk to a company and let them make suggestions, worst case is they say no and ask you to come back in a few years. If they are nice about it maybe you go back to them, if not go elsewhere :)

It sounds like you have a lot of positives if you have a downpayment and employment history so don't sell yourself short. I think if they sense fear they may seriously try to take advantage of you with a high interest rate etc.

I think myfico also has a score simulator that can show you different scenarios and it breaks down exactly how the score is calculated so it may give you some ideas of what to do ( or not do) to help improve it.
Mamabear
Original Author
9 years ago
I've never heard of tri merge. When you say company Im assuming you mean lenders right? I know 21st mortgage does loans for those with sub prime credit but I'm hesitant to use them because of the not so good things I've read about them. I only know of a couple other lenders but not sure if they do loans for "high risk" borrowers..aka those with not so great credit. I am hoping they look at 20k down as a great down payment on an 80k house. I have a pamphlet I got from a dealer for 21st and they have an equity loan that requires 35% down for those with bad credit but I'm not sure exactly what an equity loan is to them. I think your right, I just need to talk to a lender and hopefully they can give me advice without me having to take the hit on my credit (i.e. They can advise without running my credit) just based on "soft" info that I give them about my credit history. Thank you for your reply :)

PS if anyone has lender names and experiences they can share I would love to hear your story!