mobile home financing?
Sep 03, 2010
in
Commercial Mortgage FAQ
I’m thinking about co-signing a mobile home for my mom, how will it show up on my credit report? As real estate or a personal loan?? Will I be able to rent an apartment with this on my credit report??
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4 comments
manny on September 3, 2010 at 6:45 am
It’ll show up as an installment purchase. You will still be able to rent apartments and such as long as your mom makes all the payments ON TIME!!!! It shows up as a debt in your name and has the EXACT same affect as if it was entirely in your name.
hemitheus on September 3, 2010 at 6:45 am
donate plasma…. 3-4 times should pay for the whole thing
elmotheodd on September 3, 2010 at 6:45 am
http://www.cashcrate.com/index.php?ref=77156
what the heck? on September 3, 2010 at 6:45 am
If it is a mobile home with no land, it is considered a retail installment contract, the same as a car loan. If she is purchasing a land/home package, then it will show up the same as a mortgage. I don’t see how this would hinder you from renting an apartment, but it could give you problems if you were to apply for a mortgage loan. Please keep in mind that if your mother cannot make the payments, then you are responsible for them.