Cont.

This type of financing can be purchased with as little as 5% down. If a homeowner is looking for refinancing, they will receive better rates than the original financing. Fixed interest rates are available as the main type. Many lenders will stipulate, in the bad credit mobile home loan, the required method of payment; which is automatic checking or savings account withdrawal to pay their monthly mortgage. When shopping for rates, balloon payments on bad credit mobile home loans are virtually non-existent.