Do you have bad credit? You are not alone and this should not stop you from getting the mobile home loan that you need. Even though most lenders would prefer to work with someone with good and established credit there are still a handful of lenders that will do bad credit mobile home loans.
When you first start your search for a mobile home loan you should ask the lender what type of credit score they require. It can be difficult to find a lender that will give a mobile home loan to someone with less than a 600 credit score, but there are a few that will work with you for a higher interest rate and possibly a larger down payment. By paying more down you will be reducing the amount you pay monthly anyway so it will work in your favor when it is all said and done.
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You can try to get a bad credit loan through a home equity loan if possible. The lender will be looking at three main things: your credit, your income, and the collateral, or in this case your mobile home. They want to make sure you have enough income to cover the monthly payments and they also want to make sure that if you cannot pay they can get the money you owe from your collateral. By putting up the mobile home as equity you will be giving the lender more security, which will make it easier for you to get the loan that you desire.
If you have had a bankruptcy or have serious delinquencies on your credit, then you will most likely be falling into the bad credit category. This makes it more difficult to get the loan you need, but it is not impossible. This category may also include those that do not have a good source of income or are on a tight fixed income as well. There are programs that lenders use especially for these people, which are called sub prime loans. These types of loans have higher interest rates and are given against the property itself.
The worse the economy becomes the more chances that lenders are willing to work with you regardless of your credit. Bad credit mobile home loans are starting to become the lenders normal loan and it is becoming much easier to get these loans for the borrowers as well.
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