Expert: Brian Beardsley Date: 7/12/2008 Subject: land home financing
Question We are buying a couple of lots with utilities on both lots, there is also an old two bedroom trailer on it. It is owner finance and we owe $72,500 however the trailer is in bad shape. We need a new one or build a house. My credit is excellent and my husbands is sucky, this is where it gets tricky, I am a stay at home mom for almost two years now and he is a truck driver that makes good money. We just can't seem to get anyone to finance with this situation, so do you have any suggestions? Thanks a Bunch!!
Answer Thanks for your question.
Unfortunately, your situation is a difficult one - You have the strong credit and your husband has the income - Have you attempted to clean up your husbands credit - DO NOT, I repeat DO NOT pay fees to companies promising to clear your credit report - You can contact the 3 major credit bureaus directly and dispute and old, incorrect or erroneous information - That may help your situation - Other than that, only time will improve your husbands credit report.
If you could secure a co-signer, or someone willing to place their home up for additional security, you may have better luck securing financing.
