How To Get A Land Loan With Bad Credit

Just as lender requirements vary for home equity loans, the same applies to personal loans. A bad credit score may get you denied, but some lenders have options for low-score borrowers.

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FHA Loans. A Federal Housing Administration loan may work with a 500 or better credit score. The loan can be obtained whether your home is, or will be, on land owned or not. In other words, you may be able to get an FHA loan if your home will sit on leased land in a manufactured home community.

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Even so, there are plenty of ways you can work towards financing a manufactured home with bad credit, and it doesn’t have to be as hard as it’s often made out to be. Check Your Credit Report Pull.

While down payments aren’t always necessary, you will find it significantly more difficult to get approved for manufactured home loans for bad credit. Especially if you aren’t able to afford sizeable amounts up-front. This is because mobile homes, unlike regular, conventional homes, depreciate in value over time.

Farm Loans with Bad Credit It’s true that having a strong credit score will help you achieve better interest rates, but financing is still available for farmers with poor or bad credit. Maintaining a perfect credit score is nearly impossible in a slump economy, especially for farmers.

How to Get a Farm Loan With Bad Credit. Going directly through the government, you’ll get a Direct FSA loan. This has slightly stricter requirements than the Guaranteed FSA Loan, which you obtain from private lenders. The Direct Loan is for farmers that cannot qualify with an individual lender.