If you want to purchase an affordable home to place on your own property, you may want to consider using mobile home loans with land that you already own. When you already own property, you can easily use your land as collateral for the mobile home purchase. There are also options that include financing your land along with your mobile home and loans for those with bad credit.

The Basics

When using mobile home loans with land, you will usually need to have a credit score of over 600 for approval. Good credit is a must if you want access to low interest rates, as well. You may want to obtain a copy of your credit score before applying if you suspect that you have lower than average credit. Some companies will work with those who have bad credit, but you can expect to pay significantly more interest on your loan if you do opt for a sub prime loan.

To begin, you will need to apply for your mobile home loans with land by providing information about your property and income. The ability to pay the loan off is also necessary for approval. You may need to provide documentation of your income through last year’s tax forms or through your most recent pay stubs. Some companies may not require documentation, but most do need some way to verify your income.

Your New Home

To take out mobile home loans with land, you may need to choose a specific type of mobile home. For example, some companies won’t finance any mobile home that is under a specific dollar amount. Your mobile home may also need to be fairly new to qualify for a loan. Since you already have your own property, you may even be able to take out a home construction loan for building a water well or septic system in addition to paying for your mobile home.