Posted on: 27th Jan, 2010 08:03 pm
My husband and I would like to purchase a triple wide home and our credit is poor due to our divorces. We do own our current single wide mobile home and when we sell it we will use that money as a big payment on this loan. Is there anyway we could qualify for a loan even if it was high interest? Thank you!
Hi tabler,
It is very difficult to qualify for a home loan with bad credit scores. Given the depression in the economy, most lenders would not want to offer you loan even at a high rate of interest. However, a lot depends on how bad your credit scores are. If the scores are somewhere around 580-600, you can expect to get a loan at a higher rate of interest. But if scores are below 580, you will have a hard time to get a loan. In fact, the minimum credit scores required to qualify for a loan in this market is 620. If your credit scores are somewhere around that mark, you can expect to get a loan at a reasonable rate and term.
It is very difficult to qualify for a home loan with bad credit scores. Given the depression in the economy, most lenders would not want to offer you loan even at a high rate of interest. However, a lot depends on how bad your credit scores are. If the scores are somewhere around 580-600, you can expect to get a loan at a higher rate of interest. But if scores are below 580, you will have a hard time to get a loan. In fact, the minimum credit scores required to qualify for a loan in this market is 620. If your credit scores are somewhere around that mark, you can expect to get a loan at a reasonable rate and term.
The possibility of you finding a lender which will approve you of a bad credit home loan is there. However, it will be extremely difficult for you to find one. These days, the minimum score needed to be qualified for a loan is 620. If your credit scores are somewhere near that figure, you can expect to be approved of a loan with reasonable rates. On the other hand, if your scores are even lower than that figure, you might find a lender which will cater to you, but you need to expect the extremely high rates that he or she will charge to compensate for the risk. You can increase your chances by learning how to apply for a loan despite having bad credit, by visiting http://www.badcredithistories.com/have-poor-credit-but-want-to-apply-for-a-loan/.