Where can I buy a modular home for sale with bad credit ?

August 17th, 2010

Modular or Manufacturing home

4 Responses to “Where can I buy a modular home for sale with bad credit ?”

Poetic Says:
August 17th, 2010 at 5:45 pm

I would look for a used one on an owner-finance basis. You are likely to pay more than the home is actually worth, because mobiles do not hold value well; but you can find something that is better than renting that you end up calling your own.

Beware of dealers, but they can sell you something. I would say that MOST mobile home dealers will offer to sale a poor-credit client both a home and land. They will then add all kinds of charges to the sale, making you buy driveways and sidewalks and all kinds of little accessories to get the deal — and they are charging maybe $15K for $700 worth of concrete. Expect the dealer to offer you a very high interest rate, as well. If the market is 7% on most mortgages, and interest rates are limited to 22% in your state, don’t be surprised if they offer you something like 14% and try to convince you it’s a good deal because of your history.

You did not mention land or what kind of down you have available, nor did you mention the condition of a home. One way you might want to try is to simply drive through a mobile home park in which land is rented but the homes belong to the residents. There is often a for-sale sign on one or more of the homes. You can buy it in place and stay, or you can buy it and move it where you want. There places can often be had for under $5K and moved for another $1-2K. $2-3K worth of do-it-yourself repairs will usually get you a very livable home, and your home total (excluding land) is less than $10K. In my area, I know of a couple of people who make their livings putting these types of homes on land worth another $10K and selling the combinations for about $40-45K. They owner finance and get to the buyers on the interest rates while they get a large portion of their investments back on the down payments.

Just remember, imagination, good sense, and hard work can be a decent substitute for cash and credit.

Good luck.

Glennroid Says:
August 17th, 2010 at 5:45 pm

You don’t have to have good credit to buy a home. As long as you put down enough that the lending institution has some equity, they’ll loan you the money. Remember if you default, they own the property.

The first place I’d check would be one of the companies who makes them. They usually offer financing.

Laura Says:
August 17th, 2010 at 5:45 pm

When I went to purchase a modular home, I checked into the financing options with the dealer that was selling them. They give you a selection. However, if this is used, you can check around with most mortaging firms, like a bank. Some of the major banks will finance those homes.

I found this site that will give you a free quote on mortgage rates.

http://www.yourquoteonline.com/?sid=484413&hid=Compare+Modular+Home+Mortgage+Quotes+for+FREE+and+SAVE!

And this one as well.

http://www.compare-low-quotes.com/index.htm

Good luck and I hope you get the home you want.

detroit al Says:
August 17th, 2010 at 5:45 pm

Impossible…Somebody with poor credit buying a trailer? I hate to be the bearer of bad news but i don’t think that is possible.

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