Bad Credit Mobile Home Loan Advice
Acquiring a Bad Credit Mobile Home Loan for home is possible for peoples having bad credit. Yes, all you have to do is search the relevant info. from internet.
Some peoples are now prefer mobile / manufactured home rather than the traditional site build houses. Because the cost of purchase & maintenance is much lower.
Mobile houses are first built in factory, once completed will mobilize it to the buyer's desire destination. It may or may not be given a foundation.
Time of building the house is much faster, just construct the foundation as per approved drawing. Once ready, just put the whole structure (house) sit on it.
Lenders are very concerned about the credit score of borrowers.
Below 620 points or bankruptcy is considered bad credit. They will check 3 areas of borrower before processing the loan.
- The financial status of borrower
- Credit score
- Collateral (value of the loan)
Although they will still lending money to you, but the interest rate is higher. So, borrower who has bad credit is advice to pay an affordable deposit to buy a house.
There is a special loan called Sub-prime Loan. It's special designed for the certain bad credit peoples. People who has bankruptcy history or delinquencies behind them are considered bad credit category. Some peoples who are unemployed, no visible sources of income, financially incapable due to physical redundancy are also considered as bad credit people. They still have the chance to get a loan (Sub-prime loan). Its given against the property itself as a collateral, similar like home equity loan
If you wish to fix your bad credit, Please check out the
Bad Credit Mortgage Loan Tips,
hopefully it can helps you.
For other home loans information, I suggest you to check out
American Home Loans instead of Bad Credit Mobile Home Loans
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