+1 vote
I'm a first time home buyer looking to buy a manufactured home in the Berkshire County, MA or Albany, NY area, with a mortgage ranging from $35K - $90k.

I'm looking to see what, if any mortgages I would qualify for, as I would like to avoid a high interest (25%) personal/chattel loan.

I became an attorney in 2011 and worked from 2011-2013 making $40-50k per year, then went back to school for two masters degrees. My two most recent tax returns (2016 and 2017) show low income (~$11k), as I only worked part time at various jobs while in school.

I found out my fiance was pregnant and went back to work in November 2017 for a law firm and now make W-2 $25/hour +OT, ~45 hours/week (~$60k/year).

My credit score is 681 (Experian) and 650 (Transunion). I have ~$25k in the bank, but would prefer a <10% down payment ($3K-$10K). My monthly debt payments include only a $133 payment for an auto loan. Student loan payments are scheduled to begin in Summer 2019 at 10% of monthly DISPOSABLE income (Direct Loan income contingent repayment plan).

I'm under the impression that I wouldn't qualify for an FHA manufactured home mortgage as I do not have two years of stable income for 2016 and 2017, just various w-2's totaling ~$11K each year, even though I make a stable ~$60k/year now since November 2017. Any mortgage experts have experience with manufactured home lenders suitable for these circumstances? Thanks!
asked Feb 21, 2018 in Buying a Home by anonymous

2 Answers

0 votes
You can qualify for FHA LOAN. Manufacturered home is no problem as long as it is on a concrete foundation.  However, most lenders will not want to do any loans under $70,000 loan.
answered Feb 22, 2018 by GustanCho (106,540 points)
0 votes
You are working full-time now, so your income would count. You may need only a couple of pay stubs. Or you may need your W-2s, depending on the program. Alternatively, the lender can send your employer a Verification of Employment (VOE) form. If they indicate that the "probably of future employment" is good, the lender will normally accept that income.
answered Nov 23, 2018 by GinaPogol (47,650 points)

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