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Credit Counseling Westminster CO

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.

Bank of The West
(303) 202-5545
9150 N. Sheridan Blvd.
Westminster , CO
 
Bellco Credit Union
(303) 689-8130
8851 Harlan St.
Westminster , CO
 
Community Financial Credit Union
(303) 469-5366
6855 W. 119th Avenue
Broomfield , CO
 
Washington Mutual
(303) 650-0450
5215 West 80th Avenue
Arvada , CO
 
Wells Fargo Bank - Thornton
(720) 929-2550
9828 Grant Street
Thornton , CO
 
Vectra Bank -Westminster Branch
(720) 947-8309
3300 W. 72nd Ave
Westminster , CO
 
North Valley Bank
(303) 452-5500
8410 Umatilla Street
Federal Heights , CO
 
Bank Of The West
(303) 451-0434
10393 North Huron St.
Northglenn , CO
 
Colorado United Credit Union
(303) 428-9571
1501 Del Norte Street
Denver , CO
 
TCF Bank
(720) 670-0007
9660 Washington Street
Thornton , CO
 

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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