There are a lot of people who are thinking about mobile home finance options; however, I’ve yet to hear of someone who has actually taken the plunge. I do believe that the majority of people are just looking for a solution to their problem, and not really thinking about mobile home financing.
You could always get a loan and then sell your mobile home, but there are a few things I feel you need to think about. Mobile home loans are usually about 2-3x as expensive as a conventional mortgage loan. Plus, you have to consider your credit score, and you could be in for a long-term loan with any of the lenders.
The problem with mobile home financing is how long it takes to get approved. A lot of lenders won’t even consider mobile home loans without a high credit score. If you can’t get financing without a high score, you’re screwed. That’s why you should consider the credit scores that lenders use.
The good news is that there are a couple banks that will consider mobile home loans with a high credit score. The bad news is that you might not be able to get a loan until your credit score is at least 600.
The good news is that there are a couple banks that will consider mobile home loans with a high credit score. The bad news is that you might not be able to get a loan until your credit score is at least 600.
In the mobile home world, lenders like to see a borrower with a good credit score. And, like most lenders, they want to make sure that the borrower has a good credit score before they will consider a loan. However, lenders also want to ensure that the borrower is not a high risk for defaulting on the loan.
The good news is that there are some ways that a mobile home loan can be arranged with a lender that can ensure that there won’t be a default. For starters, you can do your research. As I mentioned above, there’s a lot of information out there about mobile home financing and it is likely that you’ve done some research yourself.
You can also contact a loan professional to do some homework for you. There are loans that can be arranged without the need for an actual loan application. But if you have a bad credit score, it can be difficult to get a loan. Most lenders are willing to work with you to get you a loan that is within your budget.
In general though, you should know that there are a lot of people out there trying to sell you a mobile home. The problem is that they typically aren’t able to provide you with current market rates. The rates they offer are usually quite low relative to the current market rates. So for example, if you are looking for a mobile home in Florida, the median current market rate for a mobile home in that area is about 7% less than what the lender is willing to offer you.
