Bad Credit Mobile Home Loans – Ways to Get Yours Approved

Yes, there is a way to get approved for some bad credit mobile home loans depending on a few factors. Today many lenders are asking for more documents and more detailed explanations as to why someone's credit score is damaged. How low is your credit score? What was it that caused your score to be that low? There are only small handfuls of lenders that do mobile home loans and at the very least require a minimum credit score of at least 580.

If your score is less than that then repairing your credit may be an option that you need to look into. This in itself is not a bad thing because sometimes a little repair can go a long way in helping your financial status.

Bad Credit Mobile Home Loans – Simple Steps to get on Track

The first and most important thing you should do when wanting to get a mobile home loan is take a look at your credit. Find out if everything on your credit report is correct. If it isn't, you can easily make a dispute directly to the credit bureaus online so they can correct it.

You can also pay to have a credit repair company do the disputing for you which can often be more effective as they are trained in how to handle credit disputes. Just make sure you are using a well known company so you know they are legit.

Second, having a compensating factor in your favor like a few months mortgage payments already set aside is an extremely excellent tactic that shows you are serious and financially responsible to be able to take on the new loan obligation. Often lenders view this as a less risky loan scenario as opposed to when borrowers don't have emergency funds set aside.

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Make sure you are prepared to provide detailed explanations as to why your credit was damaged. Many lenders will have the borrowers write what happened for each derogatory account showing on their credit report.

When explaining the circumstances that occurred make sure you take some time and put it in the best light possible making sure you show how the problem is now fixed and will not occur again, be truthful but be positive.

FHA Manufactured Home Loans – Fast and Easy Mobile Home Loans

When it comes to finding financing for manufactured homes, FHA manufactured or mobile home loans seem to be the simplest to get approved for as the requirements are not as stringent as opposed to conventional manufactured mortgage loans. FHA loans require a low down payment and this seems to suit most people's needs.

If your credit is 580 or higher and you have at least 3.5 percent to put down then this is a good option to look into as it is backed by the government and especially made for first time home buyers but just about anyone can use it.