If you are looking for a mobile home mortgage loan, then you should have better credit than you would need if you were looking for a regular home loan, simply because taking out mobile home mortgage loans is risky to the lender because you can move a mobile home somewhere quite easily and then default on the mortgage, leaving the lender will limited options on collecting the mortgage, because of the fact that they can’t foreclose on a property that no longer exists at that location. Lenders want to make sure that you aren’t a risk before they issue loans for mobile homes or a manufacture home mortgage loan.

Some people are instead looking for a mobile home refinance loan, which is easier to get than a brand new mortgage on a mobile home, especially if you have been making your payments on time for a while. There are many reasons for refinancing, whether you want to take advantage of a lower interest rate that just came on the market, and are locked into a fixed rate mortgage, or you want to cash out the equity in your home to make improvements or to make purchases, refinancing a mobile home shouldn’t be too much trouble if you have equity built up.

Some people specifically choose mobile homes because they think that they will be able to get a bad credit mortgage much easier if the amount of the mortgage loan is lower, as well as the down payment being much lower. While this is true you still have to allow for the mobility of the mobile home as a risk factor. On manufactured homes that are set upon a foundation, you may have an easier time getting financing for these types of mortgage loans if you have bad credit, but talk to your lender to see what your credit score will allow you to do.

One thing that affects whether or not you get a mortgage besides how good your credit score is, is how much of a down payment that you have. Many lenders will work with someone that has questionable credit if the down payment is high enough. Investing twenty percent or twenty five percent into your home may get you a conventional mortgage loan at a great interest rate, if you can come up with that kind of money. Of course many can’t, but there is another option for those who have bad credit but are still looking for a mortgage loan.

Sub prime mortgages exist these days in every city in the United States and in many other countries, as more and more people have trouble paying their bills and get negative information reported to their credit file. This is a great option for someone that has poor credit, but be aware that going with a subprime mortgage lender will cost you money, as these lenders make up for the risk of offering financing to someone with poor credit by charging quite a bit more in interest. The interest rates offered by subprime lenders vary so get several rates before you commit to one.