Real Estate: Getting a mortgage with bad credit high deposit?

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Hello, We are now in their mobile home on his own ground. We are interested in buying a house but have bad credit. Family members will lend us 40 000 (we pay when selling a mobile). The house we want is 90,000. We make about 25,000 per year. Can we get funding?

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  1. Reply
    April 29, 2011 at 9:15 pm

    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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