Bad Credit Mobile Home Loans: Understanding Credit Thresholds

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.

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