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Credit Counseling Ankeny IA

When you apply for a mobile home or Manufactured Home Loan, your credit score is one of the main factors that lenders use to decide if they are going to approve your mobile home loan or decline funding you. Also affecting the approval process is your income, savings (including personal savings and retirement accounts such as IRA's) and if you have any other assets such as stocks, bonds, or other assets.

Total Financial Solutions
(319) 862-1582
3330 Southgate Ct SW Ste 101
Cedar Rapids, IA
 
Consumer Credit Counseling Service of Northeastern Iowa
(319) 234-0661
1003 W 4th St
Waterloo, IA
 
Country Home Loans
(319) 266-3551
7419 Nordic Dr
Cedar Falls, IA
 
Horizons
(319) 358-5901
2010 Keokuk St
Iowa City, IA
 
Consumer Credit of Des Moines
(515) 287-6428
6129 SW 63rd St
Des Moines, IA
 
Cccs of Northwestern Iowa
(319) 234-0661
Waterloo, IA
 
Get Out of Debt Ministries
(712) 262-5000
705 Elmwood Dr
Spencer, IA
 
Consumer Credit Counseling Service of Northeastern Iowa
(515) 296-1968
1608 S Duff Ave Ste 300
Ames, IA
 
Senior Citizens
(712) 252-1861
Sioux City, IA
 
Credit Counseling & Debt Management of Eastern Iowa Inc
(319) 373-8297
4403 1st Ave SE
Marion, IA
 

Credit Score affect on getting a Mobile Home Loan

How does my Credit Score affect getting a Mobile Home Loan?
Sun 07/19/09 10:42:36 am
by Josh Ladick

When you apply for a mobile home or Manufactured Home Loan, your credit score is one of the main factors that lenders use to decide if they are going to approve your mobile home loan or decline funding you. Also affecting the approval process is your income, savings (including personal savings and retirement accounts such as IRA's) and if you have any other assets such as stocks, bonds, or other assets.
Your credit score doesn't just affect your potential approval for a mobile home or manufactured home loan but it is also the determining factor in formulating the interest rate you will be able to obtain from the mobile home or manufactured home lender. The lenders have what is referred to as a "rate sheet" which has a range of credit scores and the corresponding interest rates for the mortgage alongside it.
The higher your credit score, the lower the interest rate you will obtain from the lender for your mobile home or manufactured home loan. A higher credit score (above 700) indicates to the lender that 1) you are less likely to default on your home loan, 2) you will be making your mobile home or manufactured home mortgage payments on time and 3) they will see a return on their investment in the long run.
If you have a credit score on the lower side of the spectrum (under 700), it shows the lender that you are a higher risk to finance for a mobile home purchase, and the lender may wind up having to foreclose on the manufactured home, which is an instant red flag for the lender. In turn, the lender will increase your interest rate to offset this risk and see a higher immediate return on your mobile home loan in the form of the interest paid.
In this currently harsh economic climate, there has been somewhat of a dramatic raise
  in the standard for credit scores, which has made it more difficult to obtain a manufactured or mobile home loan. What was once being considered as an "above average" score, a 660 is now the MINIMUM for many lenders to underwrite a manufactured home and mobile home loan. This is why it is the best idea to raise your credit score to the highest possible rating before you decide to make an application for a mobile home or manufactured home loan. If you wait for a higher score to build, you will obtain a much lower interest rate (which translates into a lower monthly payment, as well).
There are many options available to achieve a higher credit score, an increase you chances for funding approval of a manufactured home or mobile home loan. Contrary to popular belief, debt consolidation firms and credit counseling services can often - in the short term - harm your credit score and the potential to obtain new credit. Simply making your payment deadlines, paying more than the minimum payment, and slowly paying off your existing debts can work quickly to raise your credit score and impro...

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