| Posted by: Rod Jan 29 2003, 03:20 PM |
I would like to know my odds of getting a mortgage-type loan to buy an RV based on my history and status.
RV would cost between 60k and 120k.
I had a bankruptcy finalized in 1998
I have had income in excess of 100k for the past 7 years
I will have around 20k cash in savings that can be used for down payment
I have no long-term debts.
I was in the US Army and should still be eligible for GIBill Loan Insurance.
Bankruptcy was due to business going under, has my DBA name as part of the bankruptcy documents.
What are my chances of getting a loan with my history? Must I wait until the bankruptcy is off my record?
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| Posted by: loanuniverse Jan 30 2003, 03:09 PM |
Taking into consideration the numbers that you provide, it seems to me that getting a mortgage in your case is almost a certainty. Borrowing 120k – Giving 20k down – No substantial debt - $100k income per year Your credit report would have to reflect other derogatory information on it for it to keep you from getting one. The thing that you have to find out is if you qualify for a conforming loan, which would give you access to the market rates or you will have to get a nonconforming loan. Some people call these "subprime", or "B,C,D Credit" loans. The interest rate is at least 2% higher and usually 3%+ higher than with a good credit loan.
My advice would be to get in touch with a couple of banks and talk to a couple of lending officers. The first thing you should say after “Hello, My name is Rod and I am looking for a mortgage loan to buy an RV-Home is I need to know if the fact that I have a bankruptcy in my record would automatically keep me from qualifying. . You are looking for the guy who is honest enough to tell you that you might not be able to get you the best rate, but that he might be able to get you into another program.
Please be advised that my experience in mortgage lending is very limited and that I am not even sure that most banks would do this type of loan for an RV unless you get title to the land also. Please contact some lenders in your area to find out more. The worst thing they can do is say No!
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| Posted by: Rod Feb 6 2003, 04:35 PM |
LoanUniverse,
Thanks for the thoughtful response. I will follow the advice you offered.
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