Your deductions last year do not matter. The lender goes by your gross income - the $30K. Based on $30K, your maximum mortgage would be $90,000. However, with a 620 credit score, if you can even find a lender that will approve you, they will not go the max - maybe $80,000. So, you are looking at a $40,000 minimum down payment. BTW, the 10% raise takes you to $33,000...which is a $90,000 - $100,000 mortgage, meaning you still need a $30,000 down payment plus another $5,000 for closing costs.
You fix everything by spending the next year improving your credit score, saving money and hopefully making more money.
With a low credit score and your income you will not qualify. The lending institution will only accept the bottom line of your tax return and that is what you show as actual income. A mobile home is like a car and loses value each year. This is not a house. I would guess that it would not appraise at that value. Sorry for the bad news.
Your credit score is too low. And you wouldn't be able to afford the home with an income of 30,000 dollars a year.
Me and my wife want to buy a 3 bedroom 2 bath doublewide home sittin on 17 acres of land for 130000. My score is a 620 and my income last year was 30000, but it will be higher cuz I'll get a 10% percent raise this time next year. I couldn't get a loan because on my taxes I put a whole lot of deductions on my returns to get a good refund last year so that made my income lower than it actually was. We really want this property and are looking for ideas for either finding a place that will give us a loan or other ideas of how to get to fix it so we go to anywhere bank or lender to get a loan
