Getting a Bad Credit Mobile Home Loan

Filed in mortgages on Apr.23, 2010

Are you needing to take out a bad credit mobile home loan? If so, then in this post you will find a few key tips which can help you to secure the loan and get a better rate on the loan.

First of all, there are two things you must do in order to qualify for a traditional home loan on your mobile home. First, you need to make the home a more permanent location. The litmus test that banks use for this classification is if you have taken off the wheels and set the mobile home on a sturdy foundation instead. By doing this you show the bank that you are there to stay. The second thing you must do is to own the land where the home sits, or at least include the land in the loan. Again, this shows a sense of permanency and allows you to qualify for a normal loan. If you don’t do these two things then you will need to find a different type of loan to qualify for, and with bad credit you might have a harder time.

The second thing you need to do is to try to improve your credit, and you can do this in two ways (both of which are recommended). First, you need to find out what is hurting you on your credit report and work to fix it. Sometimes there are small dings that really shouldn’t be there and just need to be contested to clear them off your record. Second, you can also find someone who is willing to offer to co sign on your loan with you. If you can find someone who has good credit, a relationship with the bank, and who has decent income, then this can go a long way in helping to transform bad credit mobile home loans into good credit loans – making it so you not only qualify for the loan but so you also get a great rate on the loan.

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