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Bad credit mobile home loans are available. Your credit rating will dictate your interest rate on this loan option. Consider the following ranges and examples of interest rates.
B Credit Rating
Any borrower with a credit score under 620 is graded as a sub-prime borrower. 620 is also the cut off for an A grade; so, if you have below 620, you will be in the B zone, and you will need to look for high risk lending options. This low credit score is usually the result of limited payments of 30-days late. You will have to work hard for a mobile home loan, but should be able to find one.
C Credit Rating
If your credit score is below 580, you will be rated at the C level. A C grade is most commonly the result of multiple missed payments, including missed payments on installment loans. There are also some loans that have gone past 60-days late. This borrower may have extremely high interest rates on a mobile home loan.
D Credit Rating
A D credit rating is below 550. Borrowers in this classification typically have a very large amount of debt and many credit problems. For example, this borrower may have many payments over 90-days late, collections and judgments. For a mobile home, this borrower may find it difficult to find a home loan.
