Bad Credit Mobile Home Loan
September 21, 2009 by admin
Filed under Mortgage Loans
If you’re in the market for a bad credit mobile home loan, be aware that getting one isn’t a piece of cake. If your credit score is too low, chances are you won’t find a lender. Here’s what you need to know about getting a bad credit mobile home loan:
The musts:
A steady employment history of six months or more.
Being of legal age, 18 or older in most states.
A credit score of between 620 and 720; higher scores will qualify for conventional loans.
Proof of ownership of the property where the mobile home will be placed; banks will not loan money when the land is rented. If you rent the land, you will need to apply for a personal property loan.
Failing to meet the requirements will probably disqualify you from obtaining a bad credit mobile home loan, and you’ll likely need to find an uncommon lender and consigner.
It’s not always the easiest loan to get, and there are a few obstacles to overcome. But if you own your land and meet the elibility requirements, bad credit mobile home loans can’t be beat. Best of luck in your search and contact us with any questions.
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