Posts filed under 'bad credit'

Bad Credit Manufactured Home Loans: Can You Still Get Financing With Your Current Credit Status?

Home ownership is definitely one of the most common dreams of most Americans. With it, they will be free from paying for rent and they will also have a place which they can call their own. However, credit is everything nowadays. If you have a bad credit rating, you will see that owning a home may seem next to impossible. Besides, who would approve your home mortgage loan application if you have bad credit history?

However, there are programs for people with bad credit history that makes it possible to get you approved for a home mortgage. This is especially true when you want to purchase a mobile or manufactured home. Today, there are lenders and mortgage companies that will be able to provide manufactured home loans for individuals with bad credit ratings.

Although it is quite difficult to get approved for a home loans and mortgages for financing the purchase of a manufactured home if you have a credit score that is lower than 600, you will see that it is not impossible. All it takes is to look for one by shopping around for mortgages.

There are home loan and mortgage programs today that are specially made for people with bad credit. However, you have to dig deep for information in order to find it and you also have to put up with the high interest rate that is commonly associated with home loan and mortgage programs designed for people with bad credit.

If you are determined about fixing your credit rating and owning a new home, the high interest rate that is associated with manufactured home mortgage programs designed for individuals with bad credit history is well worth the price.

However, it is very important that you should pay your monthly payments in time in order for you to repair your credit sore and reduce the risk of losing your home to foreclosures or repossessions. Because you will be improving your credit history at the same time, you will see that you will be able to refinance your home to a lower interest rate.

If you don’t know your credit rating, you may want to order copies of your credit report from one of the three main credit bureaus, which are Experian, Equifax, and Transunion. For a small amount of fee, you will be able to get your credit report and determine if you will have problems with it when you are going to apply for a home loan or mortgage for financing the purchase of a manufactured home.

Oftentimes, credit reports may contain some errors. If you can spot these errors, you might want to inform the credit bureau about it in order to fix it. You will be surprised that a simple error detection can significantly improve your credit score.

As you can see, it is possible for you to get approved for manufactured home loan or mortgage even if you have bad credit history. By just looking for home loans and mortgage programs designed for people with bad credit history, you will see that you will be able to make your dream come true when it comes to owning a home. Manufactured homes are great choice because it is cheap and even if the mortgage you took out has a considerably high interest rate, you will see that you will be able to afford the monthly payments.

Add comment October 26th, 2007


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