Are you one of the many people around that have bad credit? Do you still need a mobile home loan even though you know your credit is not good? There are lenders that are willing to work with those that have bad credit and more lenders are lowering their standards because of the lack of clients with good credit. Here are a few different options when it comes to bad credit mobile home loans.
First, you might as well throw the bank right out of the equation because you will get no where with the bank unless you have good credit. They will not even consider you unless you have a 650 credit score or better. So cross the banks off your list unless you have a good sized retirement account or other investment that you can borrow against.
Second, you can use a non conventional lender, but they are a bit difficult to find. Know that if you start to look for a loan and you get turned down a number of times by mortgage companies because of your home being a mobile home, then you need to keep trying. Not all mortgage companies or lenders will work with mobile homes and some will only work with you if you own the land it is on. Just be patient and be honest with the lender and you will find the right one for you.
Your last option is to go the buy here pay here route. This is good for those of you that have such bad credit that nobody else would even think about helping you. Buy here pay here mobile home parks will take any type of credit and they will give you a bad credit mobile home loan without any hassle. Just make sure you are paying on time and expect to pay a much higher interest rate than if you were to use a lender.