Mobile Home Loans With Bad Credit - 5 Tips For Getting Funded
Mobile Home Loans With Bad Credit - 5 Tips For Getting Funded
When you are ready to go from being a renter - or living with family and friends - to finally purchasing that home of your dreams, it can be a very exciting time in your life. For some people, given their lifestyle needs and home-buying budget, the right kind of home to choose is a mobile home.
Buying a mobile home allows you the freedom to pick up and live wherever you like. But, it also offers a very large portion of the home-buying public just the right balance of price and amenities.
Unfortunately, having a bad credit score can throw a wrench into your mobile-home-buying plans. As anyone who has ever tried to take out a loan of any kind knows, credit is king. If you have a good or excellent FICO score - say one above 700 - you have absolutely nothing to worry about. On the other hand, if your score is at or below 600, you could face some serious challenges when it comes to loan approval.
If you are looking to get funded for mobile home loans with bad credit, here are 5 tips for getting funded:
1. Get a sense for how much you would like to spend:
You should be targeting a mobile home that is in a reasonable price range. Reason: the lower the price, the less you will have to borrow for your home loan. And, the lower the home loan amount, the better your chances of approval (regardless of your credit score).
2. Figure out how much you will need to borrow:
To calculate the amount you will need to borrow for your loan, start by adding up all of the cash you have (or the market value of assets you have that you could sell for cash) that you can use for a down payment. Now, subtract the intended down payment amount from the price of the home you want to buy. This is the amount you will need to borrow.
3. Ask friends which lender they used:
Ask any of your friends or family who are mobile homeowners which lending companies they used and make a note of the company names.
4. Build a list of bad-credit mobile home loan lenders:
Now, adding to the names of lenders you got from #3 above, do some online research. Be sure to search for "bad-credit mobile home lenders." These are the ones who prefer to look past your credit score, instead taking into account other factors in order to determine creditworthiness.
5. Gather together your paperwork and apply to all of the lenders on your list:
Before applying online to at least 5 lenders, get together relevant paperwork such as: W2 forms, 1099 forms, pay stubs, and a resume (to show employment history). Also, get any checking and savings account statements together that can show your lender how much money you have saved for a down payment.
Remember, negotiate hard and do not give up, even if you at first do not get the interest rate you want.
Follow these 5 tips for getting funded for mobile home loans with bad credit.
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