First time buying a home, need some help.

Tips and Deals Forums Home Mortgage First time buying a home, need some help.

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 7 months ago.

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    Anonymous

    My aunts want to move to another state, and they want me to move with them. We will live in different houses of course but we want to build manufactured homes on the same property or property next to each other. I found a place that builds manufactured homes and chose one that costs 62k. finding land is not easy, we want 5 acres comebined (2.5 each, next to each other) so that the dogs have plenty of room to roam (I have 2 large breed dogs, and 2 kids-im a single parent and my aunts have 3 chiuahuah’s). It’s important that we be next to each other, mainly because my aunts are elderly and cannot do a lot of things for themselves. One of them has diabetes and requires insuline shots twice a day, and I have to be there to give them to her.

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    Anyhow, land is going to cost 30k per acre, that is the average around austin TX. So we might have to somehow find places walkable to each other. In any case, the manufactured home company wants to go with an FHA loan.

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    I never financed much, and do not have much of a credit score. Though, the manufactured home company told me it “looks fine, and should get approved”. They informed me that because of my low credit score, I need 3 alternative credits. Such as utilities or rent reciepts. I meet income requirements and do not have a lot of debts, I have 1 credit card that was gotten 5 months ago and I always paid it on time and that’s the only thing on my credit at ALL. My score is 580 but like I said I don’t have a lot of credit, I never used credit for anything-my mom had always taught me “if you dont have cash for it dont buy it!” and I lived that way for 30 years!

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    My utilities are actually INCLUDED in my rent, so I do not have any in my name, even the internet,cable and phone (bundle package from the cable company)*are in the landlords name! I do not have a cell phone, because I work at home.

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    Basically, My question is; Can my landlord write the lender a letter stating that I have paid my rent on time, 1400$ a month (including utilities) for 2 years? Can I use that as one form of “alternative credit”?

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    Also, I purchased a car with cash from my aunt, in a series of payments over the term of a year and a half. Could she write a letter stating that I purchased a vehicle and always paid it on time every month and can I use that as another form of “alternative credit”?

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    The third alternative credit I could come up with was from my dogs vet, she ate a bunch of herskey kisses last year-foil wrappers and all-and the bill for her surgery to remove all the foil from her stomach and get treated for chocolate poisoning was 2500$, the vet allowed me to pay payments of 500 a month for 5 months. Could I use that as an alternative?

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    Thanks for any help you can give me, I’m super excited about this move, for a lot of reasons, but mostly because I’d actually have MORE money every month. I pay 1400 where I am (with utilities) and the manufactured home company informed me my payment would be less than 600$ if I got approved, with utilities paid by myself I probably could make it by with 1200 a month and have 200 extra dollars for something else.

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