Are you like most of us and have bad credit? Do you want to refinance or purchase a mobile home, but know that your bad credit will make it difficult to do so? There are ways to get the money you need for either a purchase or for a refinance of a mobile home. Here is how to get mobile home loans bad credit OK.
First, you need to know your situation. If your credit is above 650, then it is not that bad and you can get a loan from many lenders. Possibly even your bank. If your credit score is between 550 and 650, then it is pretty bad and your options will be a bit more limited to non conventional lenders like American General. If your credit is below 550, then you have only two options.
If your credit is below 550, then you have very bad credit and you are in the majority in the United States. This means that you either need to find a private individual lender that does not care about credit or you need to find a buy here pay here mobile home lot. These are about the only options you have with this bad of credit.
Second, after you know your credit you will be able to start looking for a loan. Do not apply for the loan because each time your credit is pulled your score goes down a little bit. You need to tell them, honestly, your situation and credit score and have them tell you if they can work with you or not.
Third, once you find a lender that does mobile home loans bad credit OK, then you can apply and start putting together the package. They will do an appraisal and will probably want your mobile home to be affixed to a foundation with no wheels. They will also get some income documents from you and the entire process will take between two weeks and a full month.