I hope some one can answer this.
Unpaid debt I have about 5k, He has 15k about 10k of that is a car repo in 2021. I just finished paying off one of my cards and that took about a year and a half. Circumstances these past few years have been rough. The last payment on anything else was early 2022.
We are doing a little better but our living situation needs to change in the next few years and we hope for it not to involve renting. Our thought was to file chapter 7 and apply for FHA because we learned that 2 years we qualify and we don't anticipate and employment changes.
I'm calling the price 200k for set and everything. And If we keep our credit up and have enough saved for the down payment a mortgage payment would be something like $500 less then the rent we pay.
Where I stop short is not being sure if FHA would be suitable for how we plan to buy a NEW manufactured home? I am only finding people who have approvals for park homes or home already affixed to land.l. I know It's assembled hud approved and it would be placed on a lot deeded to us utilities ready to be connected.
I worry we file chapter 7 and then learn for some weird reason FHA can not be applied to our situation because of the building process and then we are screwed for another 2 years waiting for conventional or construction loan.
I found one reddit question just like this and no one answered them... Can anyone offer any insight on this.
Can FHA be used on a new manufactured mobile home in land already owned?