Requirements For Getting A Bad Credit Mobile Home Loan

Bad credit mobile home loans aren’t available for everyone. If your credit score is too low, for example, no one will want to lend you money. This article will help you to know whether you’re eligible to take out a loan of this type.

Requirements:

• Employment (banks are usually going to want to see an employment history of at least six months)
• Legal Age (18 in most states)
• Credit score between 620 and 720 (people who have credit scores above 720 will be eligible for prime rates and won’t need to take out a bad credit loan)
• Self-owned property where the mobile home will reside (banks don’t provide mobile home loans when the land is rented). Those who are renting the land below their mobile homes will need to instead take out personal property loans.

If you aren’t able to meet the above criteria, you probably aren’t eligible for a regular mobile home loans for bad credit and will probably have to either find a unique lender or a cosigner.

As you can see, mobile home loans for people with bad credit aren’t always the easiest to get and there are a few hoops that you’ll have to jump through. However, they are great if you own your own land and meet the above requirements. Please let us know if you have any questions and good luck finding your loan!