I have a client who wants to sell his house and move into a 55+ Mfg Home community. Before he list his home for sale he wants to improve his credit score. He's thinking of refinancing or obtaining a private loan to do this.

His Mid score is 602.

Current home is appraised at $295K with 90K equity.
Debt 32K Includes Auto
Annual Stated Income 49K
Self employed for 4 years or more.

If refinanced he would pay off debt load and still have a sizable amount of equity left in his home based on 80% LTV. This course of action seems to be expensive. Would a private loan secured as a second on the property be the best choice?

The Objective is to improve his FICO score for MH Park acceptance based on his credit report and obtain the best rate for a MH loan.

MH Loan would be in the range of 40-80K with a 20 - 30% Down payment after his current home sells.

Client currently has;
1 - 30 day late on mortgage in last 12 months.
3 - 90 day lates in Dec 2005. Everything else is current.
No bankruptcies or liens on the property.

If you have any ideas or products that would help, please post or contact me directly. He is looking to do this ASAP

Thanks
ron