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Buying A Mobile Home With Bad Credit. Most mobile home parks charge lot rent, which averages around $300 per month and usually covers the costs of garbage pickup, water, sewage, and grounds maintenance. It’s the best for borrowers with bad credit because it does not have a credit score minimum and can finance homes placed in mobile home parks.
from venturebeat.com
Fha home loans work well for people with bad credit especially when buying a mobile home or manufactured home. Mobile homes that may not qualify for real estate loans. However, you should keep in mind that the interest rates will be higher, as the total sum for this mobile home loan is generally smaller than for a regular mortgage.
However, you can still get financing with a lower score. Remember, banks want to lend money! If you’re wondering how to buy a mobile home and get the best financing, there are a few steps you should follow first. Hud has a list of opportunities for homebuyers on its website.
