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I'm looking at a manufactured home on 5+ acres. house is 1990 model our credit score is in the 580,s we have 40,000 for down . can

by rick.potter57695 from Shingletown, California. Jun 8th 2016 Reply


Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

The lenders I work with require a credit score of 680 to lend on a manufactured home. You may want to shop around.

Jun 9th 2016
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

The issue with that credit score is twofold: one, you would need to put down a substantial down payment (you do not indicate purchase price) and two is that most lenders see manufactured homes as a higher risk loan for whatever reasons, thus they want even more assurance in terms of requiring even higher scores than on a usual home purchase for which that credit score might be acceptable with as little as 3.5% down payment. I am able to do FHA loans with 580 to 619 mid fico credit scores for qualified buyers if it is not a manufactured home if borrower qualifies per other criteria. Maybe there is a subprime borrower that will accept a manufactured home with enough money down...probably 30% or more. I have worked with people getting their credit scores up if you need any guidance.

Jun 9th 2016
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

I am sorry...I meant to write subprime lender instead of subprime borrower!

Jun 9th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,797 contributions

Much more info required to answer your question, but in general, it's going to be tough to find a lender willing to lend on a MFH with a borrower with a 580 credit score.. The score indicates that you have some major derogatory credit.. Certain credit events carry mandatory waiting periods, so, it's possible that even though there might be a lender out there willing to lend to a borrower with a score that low, you still might not get financing if you have one of these major derogatory events.. Also understand that it takes more than a credit score to determine eligibility.. job, income, debt, debt to income, collateral, etc.. it's the whole picture that get's analyzed not just a credit score.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 9th 2016
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Scott Fix (ScottFix)
#1325 ranked lender in California - 184 contributions

Rick, a much greater assessment of your needs should be done over the phone to give you the best advice possible. Feel free to call me anytime at 916-470-0947. I work out of Sacramento and Yuba City. Scott Fix, Elite Mortgage, NMLS 1361453

Jun 8th 2016
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