Posted: 3/14/2025 7:55:52 AM EDT
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We sold a house in June of '22, I quit my job and we traveled around to figure out where we wanted to move. In October of '23, we purchased our property and I found a job in the same field I was in before and have been working since. We have been living in our rv on the property While we decide how to move forward. We ended up deciding to finance a mobile home. The first (only, at this point) lender (local credit union) we've spoken to had us work backwards from getting quotes for what everything is going to cost, and once we got most of that information together asked for the last 2 years W2s. Now we have a problem because we were basically on vacation for most of '23, my income for '23 and '24 averaged together isn't enough to qualify for a loan. She said that we have to wait until we have our w2s for '25 before they could help us. My question, is it worth going to talk to other lenders or is everyone going to tell me the same thing? |
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I think credit unions are typically the hardest to get qualified through. We have done 3 of these through our CU. Its worth your time to find a local small CU and call the regular banks and talk about your situations. Some may ask for 3-5 years of W2e that backup your history. |
| Always talk to multiple lenders. I had tradition construction but every lender that worked with me had different closing costs. Some wouldn't even tell me the exact amount which felt shady. I ended up going thru Third Federal which is local to me. The loan officer was great and told me everything up front and their costs were the lowest. I like everything about them other than them requiring escrow for taxes despite not requiring it for insurance. I'd rather not have escrow. |
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Quoted: We have lending experts at home.... We probably will, I just wanted to see if anyone has anything to say about it on here. Quoted: Quoted: You've already done the legwork to get the quotes and stuff, go talk to more lenders instead of asking geedee. We have lending experts at home.... We probably will, I just wanted to see if anyone has anything to say about it on here. You can get it financed by Tammac but the rates will be high. I used to send people like you to them all the time. We would refinance after 12 months. One year of income is going to be a problem just about anywhere you go. Do you have a relationship with a local bank? Credit Unions have been under tremendous amounts of pressure to tighten their lending standards. https://www.automhatic.com/ |
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Quoted: You can get it financed by Tammac but the rates will be high. I used to send people like you to them all the time. We would refinance after 12 months. One year of income is going to be a problem just about anywhere you go. Do you have a relationship with a local bank? Credit Unions have been under tremendous amounts of pressure to tighten their lending standards. https://www.automhatic.com/ My wife and one kid have an account at the credit union we talked to but it's a new account since we've lived here. We still use the same credit union that I've had an account at since I was a teenager. They are in a different state, but maybe they're worth a call. |
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Quoted: My wife and one kid have an account at the credit union we talked to but it's a new account since we've lived here. We still use the same credit union that I've had an account at since I was a teenager. They are in a different state, but maybe they're worth a call. Quoted: Quoted: You can get it financed by Tammac but the rates will be high. I used to send people like you to them all the time. We would refinance after 12 months. One year of income is going to be a problem just about anywhere you go. Do you have a relationship with a local bank? Credit Unions have been under tremendous amounts of pressure to tighten their lending standards. https://www.automhatic.com/ My wife and one kid have an account at the credit union we talked to but it's a new account since we've lived here. We still use the same credit union that I've had an account at since I was a teenager. They are in a different state, but maybe they're worth a call. It would not hurt at all to call them especially if they know you. Have you borrowed from them before? Are you planning on putting any down payment in this deal? Do you need sewer, water, electric? If so get quotes for that work. Size the sewer for the size of the house you want to build not for the mobile home. I don’t know how it works in WA as far septic sizing but in Ohio size of the house, number of bedrooms, and number of people living in the house are used to determine tank size and leech field size. Perc test done? |
| I’d imagine moble homes are high risk. I’ve known a couple people who’ve tried to buy property with a 3/5 year old unit on them. Banks would not give a mortgage on them. Only the land. Some research at the time showed no mortgages available on them. Could only be finances through a personal loan. |
| Are you self employed? Is your current income commission based? If the answer is no, you should be able to get something done. The general rule is if you had more than six months off, you need six months on the new job. You might need a letter of explanation for the job gap, and you’ll need to document prior employment. Call a mortgage broker. |
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Quoted: It would not hurt at all to call them especially if they know you. Have you borrowed from them before? Are you planning on putting any down payment in this deal? Do you need sewer, water, electric? If so get quotes for that work. Size the sewer for the size of the house you want to build not for the mobile home. I don’t know how it works in WA as far septic sizing but in Ohio size of the house, number of bedrooms, and number of people living in the house are used to determine tank size and leech field size. Perc test done? We'll need the site prep specific to the mobile home but we already have an appropriate septic system, electrical service and a well. The plan was to be zero down because we own the land outright and after the mobile home is on the land, we'll be less than 50%LTV. Quoted: I’d imagine moble homes are high risk. I’ve known a couple people who’ve tried to buy property with a 3/5 year old unit on them. Banks would not give a mortgage on them. Only the land. Some research at the time showed no mortgages available on them. Could only be finances through a personal loan. I don't think this has been a "thing" since the early 80s. Quoted: Are you self employed? Is your current income commission based? If the answer is no, you should be able to get something done. The general rule is if you had more than six months off, you need six months on the new job. You might need a letter of explanation for the job gap, and you’ll need to document prior employment. Call a mortgage broker. Not self employed, paid hourly, and been in the same field for ~20 years. |
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This is turning into a cluster. I've accepted a new job starting at a couple bucks an hour more than my current employer (who hasn't been able to consistently get me 40 hours a week of work to do) but changing jobs is a red flag somehow. I was speaking to a broker about it and he made it sound like staying at one business that isn't reliably getting me a full work week is better than taking a new job in the same field to make more money. The broker says that I can try to get pre-approved based on me taking the new job but I worry that it's going to hurt my credit score to apply for it and get rejected. Which will just be one more thing to make us wait. |