Getting Approved for a Mobile Home Loan

There are many ways to make yourself more lend-worthy to a bank. Getting approved for a mobile home loan in the current market is for only a select few. The housing crisis has left many families in difficult situations, and buying a manufactured home is now seen as a great option to become a home owner. But it is difficult to get financing from a bank today because of their newlyfound conservative natures. Here is a short list of ways to imporve your creditworthiness:

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Credit Score

Without a credit score of 650 or better, you will have great trouble getting financing. If you have had a bankruprtcy within 4 years then it will be next to impossible to find a bank to lend to you. If either of these are the case, then you need to work very hard to rebuild your credit.

Debt-To-Income Ratio

If you carry a good amount of debt, and don't have adequate income to offset, then the bank assumes that you can not afford to add to your debt with a mortgage. There is a simple equation to configure your debt-to-income ratio, and we can calculate your ratio and give you educated advice on the best financing option for your mobile home purchase

Buy a Mobile Home with Good Value

If you are trying to purchase a home for $150,000, but the appraised value is only $100,000 then you will not find a bank to lend to you. The reason is that the loan is not adequately secured. It is difficult to predict the value of a manufactured home without the proper experience. therefore you should only use a real estate agent and mortgage specialist who knows the ins-and-outs of the mobile home industry.

No Buy-For's

It is a sign of the times, but today there are very few financing options if you are not going to live in the home you intend to buy.