Bad Credit Mobile Home Loans and Mortgages – Is it Possible to Get Financed With Bad Credit?

Do you know what your credit report looks like? Do you already know that your credit is bad and it is going to be difficult to get the loan you need? If you need to get a loan for a mobile home and you have bad credit, then you are in luck because there are lenders with special programs that will work with you. You will find that if your credit score is below 600 it will be difficult to get the loan you need without going to a special lender. You will have to put up with a higher interest rate, but that is the price you pay when you need bad credit mobile home loans and mortgages. Here is what to expect.

When you start looking for a lender to finance your mobile home you will be turned down before you start by some. Do not let this get you discouraged. Not all lenders even loan against mobile homes and some are going to have requirements that others do not have. Simply ask questions and make sure you are honest about everything with your mobile home because it will show up on inspections and appraisals anyway so there is not point in hiding it. If you know what your credit score is do not be shy with it. Let the lender know because they may be able to give you an idea if they can help you or not without pulling your credit.

Once you find a lender that is willing to work with you, then you will have to submit documents to them for your income, the mobile home, and for anything else they might require. These usually include the title or deed for the mobile home, W-2 tax forms, and possibly a couple of paycheck stubs. If you have another source of income, like child support or alimony, then you might have to submit some sort of document proving that as well. If it is a new purchase of a mobile home you will also have to submit either a down payment or a bank statement proving that you can make the down payment that will be required.

The process is pretty easy and very smooth, but do expect there to be a couple of bumps along the way. This is normal and your account executive can usually figure these out pretty easily. The main thing you have to remember when getting bad credit mobile home loans and mortgages is that you are not getting a normal, everyday loan, and there will be some strangeness for an account executive that does not do many loans for mobile homes. Be patient with them and they will work with you to get you the loan you need. Also, expect that your interest rate will be higher due to your bad credit and if you are purchasing they may require a larger than normal down payment.