Not all people can afford traditional site-built house and lot properties. However, it is the dream of most individuals and families to have a home they can call their own instead of perpetually renting their dwelling space. Mobile homes are a good alternative and most are affordable, even for people with a poor credit rating. In any case, there are bad credit loans available that may be of help for financing mobile home units.
About mobile trailer homes
Mobile trailer homes are essentially pre-fabricated housing units. They are pre-built in a factory location then transported to the intended erection site or to land lease areas known as trailer parks.
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Some trailers are designed to remain mobile with wheels permanently affixed for easy transport. Just hitch them up to the back of a car or truck and you can easily move to a new address. Most of these units are setup to be permanent structures on their respective sites, particularly those trailers that are modular and larger than the standard single-wides.
Mobile homes can also be re-sold or traded. There are those that are also rented out, just like site-built homes. Many of these units can be just as lavish in furnishings, the same with traditional real estate properties. Nevertheless, the resale value is considerably a lot less than site-built houses. This is in part due to its less-stable construction compared to site-built properties. Also, most lands where mobile homes are setup are only leased and not owned by the actual trailer owner.
Mobile Home Loans
Financing for these types of homes are much more difficult for the very same reasons. Big lenders are thus reluctant to accept mobile properties as collateral, nor are they interested in providing bad credit mobile home loans, especially for individuals with poor credit standing. Only specialized lending companies offer financing and refinancing services for such.
When lenders do provide bad credit loans, there is the possibility that the interest rate and associated costs for the loan will be much higher than ordinary home loans. Shop around for bad credit mobile home loans and avail of free quotes to get the best rate in the market.
New buyers can take advantage of federal or state programs for first-time trailer home buyers. These loan programs offer lower rates than private lending companies. For those with poor credit ratings your most viable option is to search for bad credit home loans.
There are bad credit loans available that may be suited for your purposes. Note however that these will have greater interest rates as it is a specialized financing program that carries higher risks for the creditor.
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