Buying a Mobile Home with Bad Credit – Getting Approved with a Low Credit Score.
Sure, favorable credit might make the process a little easier, but a low credit score does not automatically disqualify you from getting approved for a loan and becoming a homeowner.
What does my credit score need to be to buy a mobile home?
To get a good interest rate, you’ll want to make sure that your credit score is at least 700. You’ll need a 750 or higher to qualify for the best rates.
Can you purchase a mobile home with bad credit?
Personal loans: Expect to put 20% down, more with poor credit. Loan terms are 15 years or less. Owner financing: With persistence and a bit of luck you may find a mobile home owner who is not only willing but even eager to extend credit to you. A personal or secured loan from a friend or relative.
Can I get approved for a home loan with a 500 credit score?
Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims.
Is it easier to get approved for a mobile home?
Financing is challenging for any homeowner, and that’s especially true when it comes to mobile homes and some manufactured homes. These loans aren’t as plentiful as standard home loans, but they are available from several sources and government-backed loan programs can make it easier to qualify and keep costs low.