First Time Home Buyers


Bad Credit Mobile Home Loans

Got bad credit? Here are your mobile home loan options.

One man's bad credit is another buy's fair credit. Bad credit, poor credit, fair credit. Those are all relative terms that may or may not be accurate. However, it is the credit score that ultimately determines whether or not you full into the category of needing a bad credit mobile home loan. That magic number that puts you in this category is a credit score at 580 or below.

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Best Lender For Bad Credit Mobile Home Loans

Unfortunately, some lenders have experienced severe losses due to the subprime mortgage crisis.  This has caused most lenders to drastically tighten the qualification process for fear of further losses. When searching for a bad credit mobile home loan lender, it is important to find one that not only provides the lowest rates, but also hasn't excessively tightened its lending standards because of the subprime mortgage crisis. We like bad credit lenders that have an easy online application, and they do not charge any fees whatsoever to apply and receive an approval. Additionally, they are one of the few lenders still willing to provide bad credit mobile home loans. This will save you a lot of time and hassle of searching through 200 lenders one at a time trying to find one that is willing to approve a mobile home mortgage with bad credit.


It's nearly impossible to get bad credit mortgage financing with the lowest available interest rate. Bad credit will put you in a category of being higher risk. To compensate for that additional risk, lenders will need a higher interest rate. Generally, it is at least 2% higher than rates offered to borrowers with excellent credit. However, the rates can differ depending on your income, the presence of collateral, the severity of the credit score and the final loan amount.

Ideally, you should take steps to improve and repair your credit score before you apply for a first mortgage. Let's look at some real world numbers to compare the difference. The first number will be with a good credit score, and the second with a poor credit score. In each example the loan amount is $200,000. Let's say that with a good credit score today's mortgage rates are at 6%. Your monthly payments would be $1,199.10. Over the entire 30 years of the loan, you would pay $231,676.28 in interest in addition to paying back the $200,000 that you borrowed.

Now, with mortgages for bad credit, your mortgage interest rate would be about 8%. Your monthly payments would be $1,467.53 and over the 30 year pay back period you would pay $328,310.49 just in interest.

Having a good credit score would save you over $260 per month and more than $96,000.00 over the life of the loan.

By comparing the numbers it is easy see how it would be worth the 6 month wait in order to repair your credit. To get the best mortgage interest rate, it is highly recommended that you become an expert at raising your credit score.

Applying for your first mortgage with good credit is a far wiser move than applying for a bad credit mobile home loan.


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