Ways to Finance Mobile Homes with Poor Credit

Not everyone has perfect credit. In fact, you’d be hard pressed to find someone who doesn’t have a few dings on his or her credit history. Even responsible people may experience credit issues, and there’s no shame in that. Fortunately, many lenders understand the current credit landscape and are willing to give borrowers the benefit of the doubt in some cases. However, if you have what is considered poor credit, you may have run into your fair share of obstacles when trying to gain financing for major purchases such as mobile homes for sale in your area.

However, even those prospective home buyers with well-worn credit have a few options when it comes to financing a mobile home purchase. By dealing with the reality of the situation and implementing a few tips that can help improve your odds, you too can purchase one of the available new mobile homes for sale in Texas, even with poor credit. Keep reading to learn a few ways that you can gain financing for a mobile home purchase with poor credit.

new mobile homes for sale in Texas Credit Cards

Consult with a Credit Repair Specialist

One of the first steps you should take when seeking financing for a mobile home purchase is to pull your credit report and put it in the hands of a professional credit repair specialist. Though there is usually some cost associated with such services, a credit repair specialist can comb through your report and help you find ways to improve your credit score significantly. There may be old, outdated, or inaccurate information on your credit report that is holding your score down, and a credit counselor can help you get it removed. Also, a credit repair specialist can provide you with some key steps you can take to rebuild your credit and improve your likelihood of gaining financing.

Save Up a Down Payment

When you try to gain financing for a mobile home, potential lenders want to see that you’re committed to the purchase enough to put some of your own funds into the transaction. That’s why it’s recommended that you save up to 20% of the value of the mobile home you’re buying to use as a down payment. That down payment can help offset any reservations about your commitment to the transaction, and give the lender confidence that you’re a legitimate credit seeker. If you’re having trouble with financing, simply put 20% down, and your chances of financing the rest of the value increase exponentially.

new mobile homes for sale in Texas Keys to Home

Look for Grants

There may be first-time homebuyer grants available through community organizations in your area that can help you get financing or at least secure a down payment. Also, the Federal Housing Authority and Housing and Urban Development administration can provide financing for some homebuyers with damaged credit scores. Be sure to check into those resources to see if you meet the qualifications.

Join a Credit Union

If you’ve had problems with finding financing through conventional means, you can potentially gain more traction in your search through a local credit union. By joining a credit union, you can build a relationship with an institution that is more likely to loan money to members in good standing. While many traditional banks are reluctant to loan money for mobile homes, a credit union has fewer reservations about mobile home lending, which can increase your chances of finding a loan.

Just because you have poor credit doesn’t mean you can’t fulfill your dream of owning your own mobile home. To learn more about financing a mobile home with poor credit, contact Hench’s Mobile Homes at (903) 868-2577.  

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