Mobile Houses

best way to get a loan for a mobile house,house after chapter 7 I am on SSDI and pension guaranteed 4 life?

I am 56 years old,disabled from construction accident. Had to file bankruptcy chapter 7. Like to buy a house, mobile home. My income is SSDI and a pension guaranteed for life. Is it possible to get a loan for this. Or are there other options to own a house. I prefer the northwest or west. But if something nice is offered I would be intrested. Thanks for any help. I have never owned a house, I am not a vet nor a criminal.

Public Comments

1. It depends on the amount of seasoning on your BK. Most lenders want to see at least 18 months, 24 is better. Also, your other debts will be a factor here. It is best to talk with a lender in your area about your situation and how to proceed.
2. Mobile homes can be difficult to find financing for. Do you have money down? With the lending climate being what it is today, it is difficult to buy without cash invested, even more so with a chapter 7.
3. Yes, FHA and Fannie Mae will allow you to buy a mobile home. You will need a minimum of two years out of your BK, and will need approximately 5% of the homes value to put down. But keep in mind that Mobile Homes do not appreciate. So, you get the headaches of homeownership with very little advantage. If you can find a home in a comparable price range it would be much, much wiser to buy a stick built house.