In 2004 I sold my 20 year old single wide mobile home and went looking for another house. I tried to get a loan on several double wide trailers and some old houses and was turned down on all them. I then found the cheapest newest built house in my area and I was approved. I was given a subprime loan with an APR 2 years later. When the bank told me my house payment was going to increase another 400 a month I panicked and luckily was able to refinance to a 30 year fixed subprime loan. I waited another 2 years and in 2008 when everyone was getting low interest loans around 4.5 percent I tried to refinance again.
My credit was better but my house appraisal left me no equity so no loan. I have never been late on a payment. I am stuck now with a subprime. My loan is not backed by fannie mae or freddie mac, I cannot sell the house for what I owe on it, I cannot get a modification because my gross income is right at the 31% nevermind my net.
Familys with children with my employer are now paying $480.00 a month in healthcare. Seems there is no way out, no way to improve income vs cost of living. There are no more raises with my employer and property taxes are going up. I used to be able to spend a little at walmart each month but now I am counting every penny. I fall thru the cracks at every turn to get a lower interest rate and mortgage companies and banks don't even want to try anymore.
When I had my single wide I also had an acre of land with it, I tried everything to get another trailer on the land but no one would give me a loan. I was not trying to live above my means I was trying to live below them but no bank would give me a loan for anything less than a new house. My neighbors are paying $450.00 a month for their mortgage and I am paying $875.00 for mine.
To understand this better my mortgage is $119,000. I have been in the same career for 20 years. My gross pay is 38,000 per year and I bring home about 2000 a month. My credit score was reaching 630 but dropped due to the fact they say I have high credit with my mortgage balance. My credit score was 600 when I first bought the house ( a cell phone bill and medicals showing on my credit report).I have no late's on my mortgage or vehicle.
I would love a normal fixed loan with a 6% or less and I know many others are worried about so much more and are going through so much more than I am.
Thanks for all the work you are doing.