Bad Credit - Mortgage

Bad Credit Home Loan
Bad Credit Mortgage
Bad Credit Equity Loan
Mobile Home Equity Loans With Bad Credit

One popular myth that is quite untrue is that people who own mobile homes can’t get equity loans or mortgages.

Contrary to popular belief the mortgage industry considers mobile homes, which are also called manufactured homes houses. This means that it is possible for people, including individuals with bad credit to get equity loans on mobile homes. There are some restrictions on the loans you can get but mobile home owners with bad credit might be able to get equity loans.

Ownership

The first qualification for an equity loan is the ownership of real estate. If you own the property upon which a mobile home sits it should be possible to get an equity loan on the property. Mortgage lenders usually treat mobile homes that are sitting on private held by the owner as houses. This means that the owners of such property can usually qualify for the same loans as other home owners.

Equity lenders might be more willing to lend money in such a case because there is a piece of real estate that can be foreclosed upon. The same rules should hold true if the mobile home sits in a park or community where it is attached to the lot.

There maybe cases when mobile home owners are not able to get equity loans or mortgages regardless of credit scores. The most common of these situations is when the mobile home is sitting on a rented lot in a community. This means no land is attached to the building and it is conceivable that the park owner could evict the mobile home owner. Another possibility in such a situation is that a home owner might move a mobile home especially an older smaller mobile home to a different location. There is always the possibility that the mobile home park may close and evict all the homeowners. In such cases investment in the mobile home would be worth less and a mortgage might not be repaid.

Lenders that specializes in mobile home loans

The best way to determine if you can get an equity loan on a mobile home is to locate a lender that specializes in mobile homes. There are a number of these, especially in communities where mobile homes are common. Such a lender might be willing to work with a person who has steady income but bad credit to help them secure an equity loan.

Another possibility is to try and get an equity loan from the owner of a mobile home community. The owner of such a community might be willing to advance a loan to a resident if they put up the mobile home as collateral for the loan. The park owner might be willing to go along with such a deal because she could get ownership of a mobile home she could rent out.

Equity loans might be available to mobile home owners with bad credit. Mobile home owners will simply have to search for them.