Hi Roger. If I were you, I would go to a local bank or credit union and speak with them about financing the mobile home you are looking to buy. With your credit score they should be more than willing to help you out.
If the divorce decree shows the the debts you jointly own with your ex are his responsibility, then they are just that. Most lenders will allow those debts to be taken out of the debt ratios. I would get them out of your name ASAP though, because if he defaults, it is your credit being affected by his delinquency.You need to fix your taxes and show the actual amount you earn. No income... No House. The debt ratios have to make sense and be within guidelines. Simple as that. Good luck!
Here are the answers to your questions:1. You can use 401K funds as an eligible source of funds to purchase a house. You will need to provide the lender with statements for the accounts you are closing and papertrail the funds from those 401K accounts to whichever personal account you deposit them into.2. You don't necessarily need additional assets reserves, but that is always nice to see.3. 401K accounts do not report to the credit bureaus, so closing them will NOT affect your credit scores.4. APR will be different from lender to lender because APR is a calculation that takes the fees you are paying for a loan an turns them into a percentage. The higher the fees you are charged by the lender, the higher the APR of the loan. APR can be useful to decide which lender to use, but ultimately you should compare a few lenders and go with the lender who has a competitive rate and provides the best service.
It is possible if the lender you go with can underwrite your loan with Freddie Mac and the automated findings give a "Streamline Accept" You may need to improve your credit scores a bit, but the 10% downpayment could help you out. Good Luck!
You need to have your credit evaluated to see what is continuously holding the credit scores down. Reach out to me through my profile and I would be happy to talk with you about some credit services options. Improving credit scores is key to getting you a better rate and you paying less in interest over the long term.
Rates have ticked up a bit lately, but I would be happy to take a look at the cost/benefit of consolidating those 2 loans for you. Please reach out to me through my profile. Thank you!
FHA guidelines do have specific requirements for hauled/stored water systems. They ultimately need to meet water safety standards and need to be common for the area to be acceptable. Feel free you reach out to me if you have any further questions.
Land purchase with constructions financing is going to be difficult simply because most of that type of lending is offered with tough very stringent guidelines and the banks will probably not go outside of those guidelines due to risk. That being said, you may need to look for a home that is already in existence that meets your need and can be acquired using standard underwriting procedures. Here is why:Regarding work history: If you are both graduated with Masters Degrees, then that time in school should count toward work history. Provide your diploma, transcripts, etc. to the lender to verify you were in school earning a degree, which then allowed you to get the job you have. This should be sufficient to satisfy the 2 yr work history requirement.Regarding the tax returns: I know that Freddie Mac sometimes will only ask for most recent 1 year tax return if credit score is high enough, DTI is low enough, assets are sufficient, etc.. Maybe look for a lender who is capable of underwriting a loan using Freddie Mac automated underwriting. You may not need to show 2 yrs if Freddie Mac does not require it.
Call a local lender in your area and have them pre-qualify you. This is going to be the fastest way for you to get an answer to your question.
Most loans require a minimum of 15-20 days because of how long processing/underwriting/appraisal take to complete The IRS is backed up right now with providing tax transcripts and are quoting 5-7 business days for tax transcripts. Appraisal takes 7-10 days depending on the appraiser. Getting a fast closing all comes down to everyone who is involved in the process doing their job efficiently.