To finance a mobile home with bad credit, review your credit score or rating to determine the areas you need to fix. Make a 20 to 30 percent down payment on a mobile home to increase the chances of getting financing from a lender, and consider applying for the special loans to buy a mobile home that the U.S. Department of Housing and Development provides, suggests SFGate.Continue Reading
Personal loans from friends and chattel loans are viable sources of financing, says Mobile and Manufactured Home Living. You can also get a long-term loan with the mobile home as security. If you have income limitations and qualify for a special mobile loan from the U.S. Department of Housing and Development, look for a dealer who complies with the state laws and installation standards for manufactured or mobile homes, states SFGate. Enlist the help of a credit professional to assess your credit position and get recommendations on feasible financing alternatives.
If you have poor credit, expect to make a higher down payment to secure financing, notes Mobile and Manufactured Home Living.As mobile homes tend to depreciate, lenders are more likely to finance your purchase when you make a significant down payment, explains SFGate.Learn more about Credit & Lending