My husband and I are trying to buy a home and with our credit it is vertually impossibe. Right now it's even hard to rent a home. My husband is working in another state and I am trying to find somewhere for our family to live. We did find a very nice single wide moble home that a lady is wanting to sell but doesn't want to contract with us. She is asking well below the retail price and we need something like right now. We really want to buy this moble home, I know that with what my husband does for a living we will be able to make the payments. What are some other alternatives for us?

Have you contacted a relator? Hubby and I had a real rough road as well. Our first home was purchased via FHA. FHA loans, at least back then, required very little down.

I would contacted a realator, let them run a credit report for you. They will be honest with you as to what the possibilities could be for you. You could even get preapproved so you know what price range you can look for a home.

Now, if your credit is too bad at the moment, renting and paying on time will help restore some of your credit. Pay all of your bills on time from here on out.

I know the despair, I truly do. But don't loose faith, it can be done, but it may take time
And strict efforts on both your parts to restore that bad credit.

It happens, you are not alone, so don't feel overwhelmed, just feel determined and eventually, after a better record, you will own that first home.

What really helps with buying a home whether it be a stick built home or a manufactured home is a downpayment. Without that you are virtually helpless in the water. You need to have a nice downpayment to show whoever you want to buy from that you are able to have at least 10% of the home's value for them. Why wouldn't the lady with the single wide not contract with you? Were you trying to buy this without any downpayment? There are lending institutions out there now who can help with single wide home loans but you must have the 10% down for starters. Look online for manufactured home lenders and talk to them. Right now money is tight but if you can show the loan company that you have verifiable income and don't have huge debt ratio, you should be able to get a loan. Manufactured homes can be financed at a tad higher rate then a conventional mortgage. Older manufactured homes over say 15 years old are harder to get financing on. A new or newer m/h may be a doable thing for you. Try going to a new m/h dealer and inquire about a single wide and see what kind of a deal you can get on them with a 10% downpayment. The new m/h dealers have lists of lenders who are willing to lend to you... just ask them to take an application for one of their new homes and you'll find out in less than 24 hours if you qualify for a m/h loan.

Owning your first home is not quite as out of reach as it may seem to you. Contact your banking center or a mortgage company for a pre-approval. This does not involve running a credit report. Each time a credit report is run, it will lower your score by a few points, so avoid too many of these. There are also No-Doc loans (no-documentation). They are hard to get, but are possible. FHA has great programs for first time home buyers. With the way the economy has been going, FHA has really stepped up to the plate in providing low interest loan programs for the first time home buyer. Also consulting a Realtor in your area will help you tremendously... and she/he will be there with your throughout the entire process so you will never feel "alone". Buying your first home is scary, but with a little help from professtionals, it can be very comforting. If you need help in finding a great RE agent, please let me know where you are located as I have many contacts in the field all across the country.

Hello, I am a Realtor, I think the posts are pretty good advice overall. You do need to contact a Realtor. They can put you in touch with a reputable lender who can tell you what to do. Most communities have bond money to assist first time homebuyers with the downpayment, this is FREE money and does not have to be repaid. Mobile homes DO NOT qualify. FHA has many no down payment loans and is NOT based on your FICO score, it is income to debt ratio. A No Doc loan is for people with a credit score of 800+. A realtor can also help you get the seller to pay all or part of your closing costs. A bit of advice, go to Realtor.com, search the area you wish to live, locate several properties that fit your criteria and price range, then call a Realtor who DOES NOT have one of the listings. The reason being is you want a "Buyers" agent. The listing agent works for the seller and while they will help you they have the sellers best interest at heart. You should not have to pay a commission (the seller pays and the 2 agents split it). You will be better represented and the Realtor will keep your best interest at heart. We take an oath and abide by a code of ethics to get the best deal for our client without regard to the commission. Good luck!