Finding The Right Bad Credit Mobile Home Loan For You

Finding the Right Bad Credit Mobile Home Loan for You

by

Benjamin Robert Ehinger

When you have a mobile home it can be hard to get financing, but you will want to find the bad credit mobile home loan for you. It can be done and there are lenders that work with both poor credit and mobile homes. This is a necessary thing to make sure you get the right amount you need in a refinance loan or a new purchase loan.

You will have to have some money down if you expect to get a bad credit mobile home loan to purchase a new mobile home for you. Typically you would need at least 10% down, but with poor credit you should expect to put down at least 15% to 20% of the price of the mobile home you are after. This is necessary because you do not have great credit and you will need more equity to start the loan. If you are just after a refinance bad credit mobile home loan, then it is a bit different. You will need some equity built up in your home because they are going to lend you between 75% and 85% of the value of the home. This means you will also need an appraisal and sometimes you may think your home is worth more than it really is. They will use the appraisal only. Where can you Find the Right Bad Credit Mobile Home Loan? There are many places to find the bad credit mobile home loan you need and the first place to start is with your current lender or bank. They may be able to help you out if you have a good relationship with you and you have been on time most of the time. This is a great way to go about getting what you need to take care of your home if you need a refinance or a purchase loan. If your bank or current lender cannot help you, then ask if they have any lenders they can recommend you to. This can lead you to the right lender for your loan and this is a great way to get a loan without much effort. They might even be able to forward your information so that you do not have to go through the same process again. When both of these options do not work you need to go online and use one of the many sites that will help you get the right loan for you. This type of site will send your information to all the lenders in their network to see if one of the lenders will give you the loan you need. If there is any lender that can work with you they will give you the necessary requirements and the amount they can lend if you meet them. This is a great way to find out if there are lenders that can work with you and what they will need from you. You will find out what type of income proof they are looking for, what type of down payment they might be looking for, and the types of other documents they might be looking for as well. What They will Expect to Give you a Bad Credit Mobile Home Loan In order to get a bad credit mobile home loan you are going to have to have a home that is attached to the ground and also you will have to own the land. This is not always the case, but it certainly helps with most lenders. If you have any wheels on your home you need to make sure they are not showing when the appraisal is done. You will also have to have the home in your name and it will have to be in good shape. If it does not appraise for enough money you are going to struggle to get the loan you need for the mobile home. You need to make sure you are following all the criteria the lenders have or you might be out of luck with getting a bad credit mobile home loan.

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