Bad credit mobile home loans

It is important for a borrower to remember to get all information and guaranteed lending promises in writing, before arriving at the closing. Bad credit mobile home loans do have higher interest rates, as interest rates are directly determined by a credit score. This type of financing will only be granted to those borrowers who have a credit score of 550 and up. This number is higher than for those who wish to obtain regular real estate financing, but a bad credit mobile home loan only covers the cost of the mobile house and not the land it sits upon. If the mobile home is permanently affixed to the land, then it would be considered real property and traditional mortgage options would be available to the borrower.