Each mobile home applicant with a prior bankruptcy applicant is evaluated on a case by case bases when applying for one of our mobile home loans, bad credit mobile home loans, manufactured home loans or Coop Park Loans.

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When appling for a manufactured home loan, a bankruptcy filing has been known to deliver a harsh & devastating blow to your credit and FICO score, but it doesn’t mean you have to wait 10 years before you can qualify for a manufactured home mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan(a loan in which the consumer has never file a BK). Typically, our investors at MobileHomeLoan.biz requires 2 years since the bankruptcy and an established credit history since the Event. However, we do have some Private Money options that will allow you to get a loan as soon as 1 day out of bankruptcy.

The general rules for getting a mobile or manufactured home loan after a bankruptcy:

• In park will require a 15% down payment up to 5 years after event.
• In park requires re-established credit since the BK.
• On land (land/home) a 5% down program can be optained after 2 years.
• On land before 2 years usually requires 20% down payment.
• Our Private Money loans don't factor BK but usually have a higher rate.
• 1 day out of bankruptcy programs require 30% down payment.
• What you've done since the BK is more important than what you did during BK.
• Chapter 13 BK's can be financed as debt consolidation on a refi.
• Foreclosures are definitely worse than bankruptcy.

Each loan submission is handled as a unique qualification and is underwritten based on the "whole" loan package merits. If a file has strengths in other areas, they may in some cases out weigh the bankruptcy.

While credit card companies may care about what happened before you filed for bankruptcy, MobileHomeLoan.biz is more interested in your recovery — what you’ve done since your filing. It won’t happen over night, but here are some tips and things to keep in mind when you inquire about a manufactured home mortgage with a tarnished credit past:

Give explanations. No mortgage lender is going to ignore the fact that you’ve filed bankruptcy and he or she will likely want to know the cause of the filing. MobileHomeLoan.biz will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of “just spending too much.”

Single Event:If the bankruptcy resulted from a single event, it is important to show MobileHomeLoan.biz paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.

Demonstrate good money habits now. Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan — furniture, a car or a major appliance — to demonstrate that you are able to make timely payments. Make sure you are making other payments (utility bills, cell phone, etc.) on time as well. You won't turn things around in a year but your credit score will improve over time.

Dispute any credit report errors. There’s no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com. If you encounter any errors, inform the CRA in writing what information you believe to be inaccurate and request deletion or correction.

Save your money. Lenders may be more willing to loan you money if you’ve saved up a considerable amount of money for a down payment.

Live within your means. Even subprime lenders won’t risk loaning you money for an opulent oceanfront mansion. Think small when the time comes to look for a home. Smaller homes often mean smaller mortgages.

Remember: MobileHomeLoan.biz want's to develope a long term relationship with you. We know that the bankruptcy won't haunt you forever. If we can loan to you...we will!

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