Acquiring a mobile home loan is a possibility today even for
people with bad or blemished credit scores. Though a few lending institutions
prefer to work only with people with established credit, there are several
institutions willing to lend to people with bad credit.
The first question asked by the lender when approached for a
mobile home loan is about the credit score. A credit score of less than 620
often finds problems in acquiring a mobile home loan. The worse the credit, the
higher the interest charged on the loan. Making a down payment reduces the
monthly payments in interest. One way of getting a bad credit loan is to go in
for a home equity loan. The lender may hold rights to the deeds of the mobile
home property until the loan is paid off. There is a special type of loan for
bad credit, which is called a sub-prime loan. A sub-prime loan is given against
the property itself as the collateral, more like an equity loan. They are given
at interest rates higher than normal loans.
Today there are several lenders willing to lend to people
with bad credit. Mobile Home Insurance
Standard mobile home insurance includes the following
coverages:
Structure coverage - This pays to replace or repair your
mobile home, and other structures like a detached garage, when they've been
damaged or destroyed by fire, plumbing leaks, vandalism, or storms. Standard
policies do not cover damage caused by floods, so you'll need to purchase extra
insurance if you want flood coverage.
Additional living expense coverage - This pays your
additional living expenses when your mobile home is uninhabitable and is being
repaired. This coverage pays your hotels bills, restaurant bills, and other
additional expenses.
Libility coverage - This pays for medical claims, property
damage expenses, and legal fees if you or your family injure another person or
damage their property.
Emergency removal coverage - This pays to move your mobile
home when it's being threatened by an approaching fire, hurricane, or other
perils.
How to Get Cheap Florida Mobile Home Insurance
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