How do you go about buying a manufactered home and your credit is bad?

Question

I am needing to move and would like to move into a mobile home, but my credit is bad - any suggestions?

Answer 1

I recently went through this. My credit stinks, but thanks to a nice inheritance, I was able to buy one. Problem is, I put down $8,000. for a 2003 single, very nice. 3 bed, 2 bath. I went to a repo outlet, thinking I'd get a good deal, well, since my credit score was low, I'm paying $298. per mo. for 20 yrs. @ 12.25%! I'll be paying around $60,000. for a mobile. Don't do this. Do you have an ARC park in your area? I moved mine to one of their parks here (kansas). They're everywhere. They run specials all the time, you can rent to own some of their mobiles. Usually with a deposit & 1st. mo. rent. They take care of the maintainance til its paid off. Also inc. insurance & taxes. Best way to go, & they accept bad credit.

Answer 2

Buying a Manufactured home is like buying an expensive car. Every day the value depreciates and eventually, it is worthless.
It's like renting. You give all of your money to the landlord and after too many years, you have no equity.

You are far better off going to a bank or lending institution and buying a stick built house that they want to get off of the books. Now is a good time in America, because alot of houses are being forclosed on. And, even if you default on the loan, since the house retains it's value and even increases over the years, your loss would not be as great as it would be if you defalted on a Manufactured home.

Answer 3

something is attainable with detrimental credit, yet greater probable than no longer, you will get screwed. they are going to value an extremely intense interest cost which will value you... Your ultimate guess is to attend awhile, fix your credit up by ability of paying your expenses and organising a history of paying on time, save up money so which you're able to make a huge down fee and pay down interest factors. or you will in all risk only finally end up defaulting on the loan and ending up with even worse credit. Its no longer a quick term answer, yet i'm in that exact same boat. waiting and doing it correct is extremely worth it. It sucks, yet its extremely worth it. people will constantly take great thing approximately someone with undesirable credit - don't be their sufferer.

Answer 4

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 5

Might want to look into taking over payments on a home someone is looking to get out of on a purchace contract as an altermative to not being able to arrange conventional financing.

Also check with some of the mobile home parks in the area and ask management if they have anything they are trying to sell.

Answer 6

How about repairing your credit before you do anything? I know that's a novel solution, but, why not?

Answer 7

I don't personally know, but this guy sure does. His name is Lonie Scruggs. He's old and I hope he's still around. [e-mail]