Interested People

I have shown the home to a lot of people. The market in my area is pretty bad right now, there is a record amount of home inventory for sale. I am pretty happy I built modular homes because they are affordable. I have shown the home 4 or 5 times now and have some interested people. I am asking for $3,000 down on the lease-option, and the few interested people are attempting to come up with the money.

I am trying to look at the credit to make sure they will be eligible for financing in 12 months. I am shooting for FHA mortgage financing at the end of the 12 months. Most FHA lenders are looking for around a 580 credit score and allow some credit blemishes. I am putting the applicants in contact with a loan officer so have their credit pulled and get an opinion on the ability to finance them in 12 months. The potential buyers have been very willing to work with the lender and feel safer about entering into the lease option knowing a lender has reviewed their credit and feels they have the potential for financing if they pay their bills on time for 12 months.

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