Posted by Blane (MI) on January 02, 2001 at 15:38:39:
Greg,
Where I’m at Conseco was looking for 5% down on a loan, and their income requirements were fairly liberal. That is until recently. They are taking back a lot of repos and are trying to get them sold off again before taking on any more obligations. Your good credit, little cash scenario may work with them, but I don’t know if they do loans as low as 5K.
Based only upon knowledge of my area, I say: BEWARE CONSECO. They’re having problems right now and seems will do almost anything to unload a repo. For example, a person couldn’t get approved through them for a $20,000 new home, but could get approved for a $56,000 repo. Watch for them trying to get you into more home. Look into other lenders as well, and good luck.
Posted by Greg -TX on January 02, 2001 at 01:53:39:
Has anyone used Conseco to purchase used mobile homes under $5k? Is Conseco reluctant to lend money on these type of homes? How much down do they usually want? I have excellent credit but little cash.
Any positive or negative info on dealing with lenders like Conseco would be appreciated.
Posted by DavidTX on January 02, 2001 at 23:18:11:
Greg
I have delt with Conseco allot I still buy houses from them, but rarely finance anything with them anymore. They have a minimum loan of $10,000 and if it is not
owner occupied they want 20% down(has to be considered secondary housing/lake house-weekend cabin etc.)
they are not interested in income properties at all
Hope this will be helpful. I did see a co. that would loan on rental units, but I have not checked them out yet and I don’t have their number here with me.