finance t/b with repo under belt
I have a middle aged couple l/o from me. problem they have had a double wide repoed both are on disability did not even qualify them had op money and can afford rent. Hopeing they can get financed in 12 months.The home is in poor area Bad rental so went l/o.My question is does any one know of gov.program they might qualify for?Don't know their whole credit history.I just want them to get financed.
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How long have they been leasing from you? Do they pay their payment on time? Are they permantly disabled and getting a guaranteed monthly income, and how much a month? Finally, how much equity will be in the property when they attempt to purchase? These are the questions most lenders will ask before they will even consider lending money. Very important is their debt to income ratio. It's very difficult to get people on disability income financed because usually their debt to income level is too high.
An out on this might be to owner finance them at the end of their lease, and then sell the note. Good Luck
Roger
JOSEPH44,
try to get them under a gov't grant if it isn't on one of the pages I gave you just search a little. I know the is on for the diabeled
-Tony-