For home loans. If its a felony could have to wait 10 years. Depends on underwriter.
Your friend wont qualify for FHA so must do a conventional loan.
Tell them:
Go to a broker, not a bank. Don't lie to your broker. This person is your advicate and needs to know. Just tell them whats up and they'll stretch to find you a loan by shopping your file.
At the end of day it depends on the underwriter. Some will do sooner. Conventional lenders can lend to whoever they want. The fact of the matter is, felons have a higher probability of default -- mainly because they often have to go back to jail for months or years at a time.
Mobilehomes are more difficult, and more closely scrutinized than a home purchase because there is no land collateralized.
Motorhome RVs are just car loans and any shmuck can get a car loan without a background check.
observation1 1 points 11 hours ago
For home loans. If its a felony could have to wait 10 years.
Depends on underwriter.
Your friend wont qualify for FHA so must do a conventional loan.
Tell them:
Go to a broker, not a bank. Don't lie to your broker. This person is your advicate and needs to know. Just tell them whats up and they'll stretch to find you a loan by shopping your file.
At the end of day it depends on the underwriter. Some will do sooner. Conventional lenders can lend to whoever they want. The fact of the matter is, felons have a higher probability of default -- mainly because they often have to go back to jail for months or years at a time.
Mobilehomes are more difficult, and more closely scrutinized than a home purchase because there is no land collateralized.
Motorhome RVs are just car loans and any shmuck can get a car loan without a background check.