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By Benjamin Robert Ehinger
What can a Bad Credit Mobile Home Loan Provide for You?
Getting a bad credit mobile home loan is not all that hard, but you can use it for many things as well. This is a great way to become independent without taking on a huge mortgage. Mobile homes are much cheaper than getting a full house, which is a great thing when you cannot afford a home yet. They still have some good value to them and it is certainly better than paying rent.
Are you one of the many people around that have bad credit? Do you still need a mobile home loan even though you know your credit is not good? There are lenders that are willing to work with those that have bad credit and more lenders are lowering their standards because of the lack of clients with good credit. Here are a few different options when it comes to a bad credit mobile home loan.
A Few Options for a Bad Credit Mobile Home Loan
First, you might as well throw the bank right out of the equation because you will get nowhere with the bank unless you have good credit. They will not even consider you unless you have a 650 credit score or better. So cross the banks off your list unless you have a good sized retirement account or other investment that you can borrow against.
Second, you can use a non-conventional lender, but they are a bit difficult to find. Know that if you start to look for a loan and you get turned down a number of times by mortgage companies because of your home being a mobile home, then you need to keep trying. Not all mortgage companies or lenders will work with mobile homes and some will only work with you if you own the land it is on. Just be patient and be honest with the lender and you will find the right one for you.
Your last option is to go the buy here pay here route. This is good for those of you that have such bad credit that nobody else would even think about helping you. Buy here pay here mobile home parks will take any type of credit and they will give you a bad credit mobile home loan without any hassle. Just make sure you are paying on time and expect to pay a much higher interest rate than if you were to use a lender.
Something Else to Know about a Bad Credit Mobile Home Loan
There is one more thing you should know about a bad credit mobile home loan. This type of loan can help you to build credit and have an asset that you can use when necessary. Having an actual home would be great, but when you know you cannot afford an actual home you can go with a mobile home.
If you take the time to make your mobile home a real place to live for yourself, then you will have an actual home for you and your family. This is a great way to become independent and work towards a larger home. It is also a great way to add an asset that you can use to your life and you can start with a bad credit mobile home loan.
About the Author: The best Mobile Home Loans are found here: FHA Mobile Home Mortgage Loans
Source: isnare.com
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