Bad Credit and Manufactured Homes

Bad Credit and Manufactured Home Loans - What does it all mean? These Days a Manufactured Home Loan Can Be a Little More Difficult to get for People with Bad Credit Than in Years Past.

The manufactured home loan industry has undergone several changes over the last couple of years; most lenders have discontinued their sub-prime manufactured home loan programs.

In years past, if you steamed a mirror when you breathed on It you got a loan! Many lenders lent 100% loan to value. The manufactured home industry was not only in the business of manufacturing homes, they were also lending money to push homes out, and that they did.

Needless to say, this has come back to haunt not only the manufacturers, but you the home buyer as well. Many of the borrowers defaulted on the loans, which glutted the market with manufactured home Repos and many of the manufacturers that were in the lending game as well as manufacturing, took a bath. They ran, I mean ran away from those lending practices.

Needless to say, that period of care free frivolous lending took its toll. The manufacturers ran, I mean ran away from those lending practices. The Repos came rolling In  and were abundant. During that time just about every lender on the planet took a stand back attitude when it came to manufactured homes.

The result of all of this is that manufactured homeowners with bad credit now have a tougher time finding mortgages for their homes and those that do are finding adjustable rate mortgages with interest rates that are climbing rapidly. With these climbing ARMS, will we have a repeat?

Borrowers are finding it very frustrating with very few options in finding a decent loan, at a decent interest rat.
Dont despair though. There are still lenders, and mortgage brokers that specialize in the sub-prime financing of manufactured homes. Sub-prime, meaning borrowers with less than perfect to bad credit.

The first thing every manufactured home shopper with bad credit should do is their homework and there is no easier way than the internet. I suggest searching the web, your search keywords will be very important if you want to find the right lender or mortgage broker. Try using keyword phrases such as, bad credit loan manufactured home loan, manufactured home lender, sub-prime manufactured home loan, etc.- you get the picture. By the way use the quote marks like I did at both ends of your search words. This will force the search to return only sites that include all of the words between the quote marks.

Each search will pull up different results. Some sites will be just lead sites for companies to sell your information and some will be the companies you will want to talk to. You have to make that decision. I suggest that when you find a site that looks interesting, bookmark it, then search their name, to see what kind of feedback you can find on them.
When searching for a manufactured home loan, look for companys that specialize in manufactured home loans.

Real estate will be your most important investment of your lifetime, so please take the time to educate yourself, and spend as much time as it takes, to get a real grasp on what your options are. It will pay off in a big way.