mortagesandforeclosures

by Erlinda Zemke

You may think the dream of owning your own home is out of your reach if you have bad credit. But there are plenty of programs to assist those with poor credit.

You will find that if your credit score is lower than the mid 600's, it will be difficult for you to obtain any kind of home loan, even one for a mobile home. Difficult yes, but not impossible.

It may take some searching to locate a lender that can help and you'll likely have to put up with a high interest rate. However, if you're serious about home ownership the high rates are well worth it.

When you receive a bad credit loan it is essential to make your payments on time. This will not only raise your credit score but will secure your ownership of your home.

Once your credit score improves you will be able to refinance and get a lower interest rate. Any rate under 600 is considered bad credit and can lead to bankruptcy, unpaid debts and judgments.

If you're concerned about your credit blocking your way to home ownership you may want to examine your credit report and fix any problems.

Equifax, Experian and Transunion are the three main bureaus from which you can obtain your credit report. For a small fee you will be able to examine your credit score. It always helps to know exactly what your score is and exactly what is in your credit report when you're seeking a mobile home loan.

If you discover any errors in your credit report you can write the bureau to have them resolved. The better your credit, the better your loan. It only takes a little effort to fix your credit score and get that mortgage loan you need at a decent rate. It won't take as long as you think to boost your credit rating and obtain an affordable loan.

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To learn more about mobile home financing, please visit http://mobilehomeshoppers.com

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