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Credit Counseling Salem OR

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.

Carrell, Tamra, Home Loan Consultant
(541) 383-2093
2955 N Hwy 97, Ste 100, Bend
La Pine, OR
 
U.S. Bank
(541) 536-2151
51469 Huntington Rd
La Pine, OR
 
South Valley Bank & Trust
(541) 536-9232
51535 Huntington Rd
La Pine, OR
 
Community First Bank
(541) 536-1746
51366 South Hwy. 97
La Pine, OR
 
Bank of the Cascades
(541) 593-8101
57150 Beaver Dr Sunriver
La Pine, OR
 
Clearpoint Fianancial Solutions
(503) 235-5115
9956 Se Washington St
Portland, OR
 
Debt Eliminators
(503) 968-3219
12750 Sw Pacific Hwy
Portland, OR
 
Eagle Financial Planning & Investments
(541) 928-6077
313 First Ave W
Albany, OR
 
Debt Relief NW Incorporated
(503) 492-4109
202 Se 181st Ave
Portland, OR
 
River Lake Partners
(503) 228-7100
1000 Sw Broadway
Portland, OR
 

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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