Is It Possible To Get a Loan for a Mobile Home with Bad Credit?
by Verda KoeppenYou may think owning your own home is impossible with bad credit. Luckily, there are plenty of programs out there to help people with bad credit.
You will find that if your credit score is lower than the mid 600’s, it will be difficult for you to obtain any kind of home loan, even one for a mobile home. Difficult yes, but not impossible.
If you can find the right lender and are willing to suffer a high interest rate you can make it happen. The high interest rate is well worth it if you’re serious about owning your own home.
When you receive a bad credit loan it is essential to make your payments on time. Doing so will improve your credit score and you will be a lower risk of repossession.
Once your credit does improve you can then think about refinancing for a lower interest rate. Anything below the 600 margin is considered bad credit and can lead to bankruptcy and unpaid debt.
It would be a good idea to go over your credit report and resolve any outstanding issues.
Transunion, Equifax and Experian are all credit bureaus at your disposal. You can obtain your credit report from one of these three at a reasonable cost. It’s always good to know exactly what is in your credit report, especially when you are seeking a loan.
If you discover any errors in your credit report you can write the bureau to have them resolved. The cleaner your credit, the better type of loan will be able to get. It only takes a little effort to fix your credit score and get that mortgage loan you need at a decent rate. It won’t take as long as you think to boost your credit rating and obtain an affordable loan.
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