How can I get a loan?

[questions]

I am 40 years old and I have worked for everything I have got. I have just recently made the decision to go back to school to better myself and to be able to make more money for myself and my family.

My children are all grown and have the opportunity to make a change for the better. I don't make enough money to have a savings every dime I make goes on bills and I am not late with them but in the past I have had some major issues with money and 2 divorces.

My parents purchased property for me about 4 years ago and I make the payments to them. I have been looking for ways to help me with my credit, 7 years ago I purchased a new car and paid it off 2 years ago but I am still struggling to get a loan of any kind.

I would like to be able to get a loan of some kind and remodel my home considering it is a 1979 mobile home that needs a bit of help. I don't know what to do anymore. My property as far as they are concerned is paid off and I have 4 acres free and clear.

What can I do to get a loan to be able to what I want. I don't have a problem with making payments and building my credit back where the banks don't laugh at me and I'm not afraid to ask for financial assistance. I can't seem to find anyone to help me! Can you?

[wincrasher]

Good luck getting a bank loan these days. Banks look at - FICO, income and collateral. Anything amiss on these and you can forget it.

Banks are reluctant to loan on acreage or mobile homes. If you are going to school, then I'm assuming your income is down or non-existant. Check your FICO score - below 720 you can forget a mortgage.

I'd suggest you just worry about your schooling for now and fix up your home later. If you are still working and doing school on the side, it may be easier to buy a brand new mobile home - those guys may be hurting right now and have easy financing deals.

Another angle you may pursue is to get a loan to actually build a house. A real house is seen as more of a tangible asset and is easier to finance. But of course the cost is much greater.

Good luck!

[maat55]

I would not get a loan to remodel a mobile home. Pay as you go, do the work yourself.

[rjames]

Mobile homes are difficult to finance. The first question you should aks your bank or mortgage broker is if they even finance mobile homes.