Bad Credit - Mortgage

Bad Credit Home Loan
Bad Credit Mortgage
Bad Credit Equity Loan
Bad Credit Mobile Home Loan

One advantage to trying to buy a mobile home or manufactured home is that such dwellings are easy to finance with bad credit.

Lenders are willing to waive some credit requirements and ignore bad credit because they can repossess mobile homes if borrowers default on the loan. Since mobile homes generally cost less than regular houses and no real estate is often involved its easier the amounts involved are smaller than regular mortgages. This means that lenders take less of a risk so they are more willing to loan.

The key to getting a mobile home loan with bad credit is to work with a lender that specializes in lending to mobile home buyers. Such lenders can be located fairly easily by going online. Mobile manufacturers and the owners of mobile home parks are also often willing to loan money for mobile home purchase. Talking to mobile home park managers or salesmen at manufactured housing dealers can open the door to lenders in your area.

Requirements for an bad credit mobile home loan application

Generally lenders will need the following items in order to process a mobile home loan application:

  • A purchase agreement for the mobile home.
  • A copy of the legal description of the mobile home.
  • A copy of the listing contract if you are selling your current home.
  • Proof that you have sold your last home if you’ve already sold it.
  • Proof of payment from employers such as pay stubs, tax returns or W-2 forms.
  • The name and address of your current employer or employers.
  • The names and addresses of your employers for the past two years.
  • A document listing the estimated value of personal property such as vehicles, appliances, jewelry, collectibles and furniture.
  • The tax returns from any business that you own or have been a partner in for the past three years.
  • Day to profit and loss statements for any businesses that you own.
  • Tax returns related to any rental property you own and copies of rental agreements.
  • Retired people will need copies of any pension reward letters and Social Security reward letters they have.
  • Those receiving unemployment or other government assistance will need a record of those payments.
  • Those receiving child support or alimony will need to present proof of twelve months of such payments.
  • Paperwork detailing any money owed on credit cards or car loans.
  • Individuals applying for a VA (Veterans Administration) loan will need a copy of Department of Defense form 214 proof of separation.
  • An explanation of any problems with your credit such as late payments or charged off accounts.
  • Documentation relating to any bankruptcy filed within the past seven years.
  • A list of the addresses you have lived at for the past two years.
  • A photo ID such as a driver’s license and a Social Security Card.
  • A green card or other proof of legal residence for individuals who are not US citizens.
  • Copies of any divorce or alimony decree that you have undertaken.
  • Verification of any other source of income you are claiming such as an inheritance, royalties, gambling winnings, tax refunds or court judgment in your favor.

In the case of married couples each spouse will have to present these items. Those who can present these documents should be able to get a mobile home loan even with bad credit.