i want to buy a mobile home for 22,000 and i want to know how to get a big enough loan to buy it with bad credit.

Asked by sweetbean10, Tolono, IL Thu Dec 6, 2012

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Sonja Tani, Agent, SNELLVILLE, GA
Thu Dec 6, 2012
Hi Sweetbean,

You're talking about buying a Mobile Home. May I assume that it is already on a foundation and includes the land. If that is the case and you have sufficient down payment and income or other assets, my suggestion would be to contact a Private Lender. This sort of loan is called a "Hard Money Loan", which sounds much more frightening than it really is, but it would seem to be your only solution.

These companies lend for shorter periods of time than a Conventional Loan. Some will lend up to 3 years. That would give you the time to get your financial house in order and get your Credit Score to the point where you would qualify for a Conventional Loan. You just need to be sure that the Lender does not include a pre-payment penalty clause in the contract.

I have worked personally with a company that speciallizes with clients with your same problems. They will lend for as long as 3 years and they do not include a pre-payment penalty Here is their contact information

The Westmoore Group, LLC
Ph: (646) 801-6190
Fx: (646) 619-4291

Itls worth a call to see if they can help.
Good Luck
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Jennifer McL…, Agent, Champaign, IL
Thu Dec 6, 2012
Molly gave you great answer to your question. Unfortunately, for you, any loan from a bank these days, it requires a person to have decent credit. If, on the off chance, that you have a good personal relationship with your bank, then you may be able to obtain a loan, but at a much higher interest rate since you say your credit is bad. Doing a contract sale with an owner is an option, but I would not recommend you sign any documents until an attorney, who represents you, reviews that contract...better safe, than sorry. What I would strongly recommend you do is set an appointment with your lender to counsel you on what steps you need to take to improve your credit situation, that is the best solution to addressing your short and long term needs. If your lender is unable to assist in this process, please contact me and I have a few lenders I would highly recommend for you to set an appointment and meet with. You may be surprised on the information and advice they can counsel you on to get you on the right track in the shortest amount of time!
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Molly Jones, Agent, Mahomet, IL
Thu Dec 6, 2012
Unfortunately, getting a loan and having bad credit do not play well together. Most banks do not lend on mobile homes and do not give loans to clients with bad credit. You could explore a contract sale with the owner. This would allow the home owner to do the financing for your loan. Rural development loans are also an option for the Tolono area but again, would not necessarily apply to mobile homes, but would work for a "stick built" home. Rural development loans work with poor credit and can often not require any money down. Ask a local lender about a Rural Development loan or work out a deal with the home owner.
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