Mortgage Loan Q & A

Real Estate: Getting a mortgage with bad credit by high down payment?

Hi,
We currently own a mobile home on it’s own land. We’re interested in purchasing a house, but have bad credit. A family member is going to loan us 40,000 (we’ll pay them back when the mobile sells). The house we want is 90,000. We make about 25,000 a year. Will we be able to get financed?

Even if you had good credit 90k is too much debt on your income. Additionally it is really hard to qualify for micro loans, 50k is just not enough to bother with.

You are going to need to purchase whatever you can get for the 40k cash you will have after you sell the trailer.

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