Manufactured Home Finance or Refinance: Get a Credit Report
Credit Report and Manufactured Home Financing
If you are considering buying or refinancing a manufactured home, make sure you get a copy of your credit report and review it for its accuracy. It is possible that there are errors on your credit report, and if they aren’t corrected before you apply for a manufactured home loan, the errors can derail the entire process. Each year as a consumer, you can request a free copy of your credit report from each of the credit reporting agencies. You can contact them via phone to request or on line by visiting www.Experian.com, www.Equifax.com and www.Transunion.com. Please note, these reports will NOT provide a credit score for free, only a credit report. In order to secure a par interest rate you must have a FICO score of 740 or higher. If you are looking to use FHA financing, expect the rate to be higher than conventional financing.
This morning, we are seeing the best mortgage rates of the last several weeks. Each time rates fall below 5%, they have not remained there for very long. The last time we saw 4.875%, it was available for all of one day! This has been a very consistent pattern since early Summer. As such, I will caution you to not get too greedy. Can rates move lower? Absolutely, but there is much more room above for rates to go higher. Rates move much faster upward than they move lower as lenders are reluctant to pass along lower rates. If you can lock a rate today under 5% on your mobile home financing or refinance your manufactured home loan you might want to take advantage.
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