Battered and Bruised Credit: How Our Financing Options Can Help Your Family Afford a Luxury Manufactured Home | HomeFirst

Battered and Bruised Credit: How Our Financing Options Can Help Your Family Afford a Luxury Manufactured Home

Those with bruised credit or bad credit scores who want to buy a home can find it to be a daunting process to get approved for a mortgage. Unfortunately, many feel like they have to pay rent for several more years while they work on fixing their credit to be able to qualify to buy a home.

It’s true that many lenders have approval processes that are arduous and rigid and without perfect credit and a hefty down payment, it might feel like your dream of owning rather than renting is akin to building castles in the sky.

Is a Manufactured Home a Cure for a Low Credit Score?

Manufactured homes could be the perfect path to home ownership for renters who want out of the renter’s market but who have bruised credit. Not only might you get approved to buy your own home when you might otherwise have faced a rejection from a bank, but that process could also do great things for your credit, too. Does being in your own home while building equity and doing it at a price you can afford sound good? Manufactured homes can also be significantly more affordable than buying a traditional house in a variety of ways, including in monthly expenses.

Manufactured Homes vs. Traditional Home-Buying: Some Considerations

When you compare the pricing of a manufactured home versus a traditional single-family home, the differences in costs are staggering.  In many cases, this is the biggest reason why young families on a budget and seniors on a fixed income are looking to this alternative housing. You can buy your home for much less than a typical house costs and benefit from the advantage of building equity rather than spending money on rent that will never be recouped.

And in terms of quality of living, no one wants to be house-poor. Manufactured homes for sale cost much less than traditional homes, so while you’re building equity, improving your credit, and enjoying the freedom of life without a landlord, you’ll also have much more disposable income to avoid future credit woes, too, because your monthly or bi-weekly payments will be much more affordable.

Not ready to buy and want to rent a manufactured home? Doing so could also improve your credit through on-time payments made via a credit card that you pay off in full each month while giving you a cost-effective place to live. In some cases, you can rent now and buy later without having to move.

Financing specialists who work with manufactured home communities can discuss your goals and your current financial situation so that you can get approved for a mobile home rental or for a home loan.

Fast Facts About Living in a Manufactured Home

Fact: A manufactured home could cost substantially less than a traditional house, but this doesn’t mean you have to sacrifice comfort or luxury. There are new and resale manufactured homes with great finishing touches. These homes can be anywhere from one bedroom to five-bedrooms with plenty of space for even a large family.

Fact: Manufactured homes are significantly less expensive to heat and cool, too — lowering your energy bills and putting more money in your family’s pocket.

There’s also the fact that many mobile home communities offer a great community environment for seniors, couples, singles, and families. Amenities for everyone in the family and a close-knit community could make choosing to rent or buy one of these homes an excellent decision.

Click to apply for a prequalification for home financing

At Home First, we believe that all hard-working Americans deserve to own a home, even if their credit is less than perfect. Our affordable homes are available for rent or for sale and payments are affordable. We offer a variety of in-house financing options that can make home ownership not only something you can be approved for, but also something that could improve your cash flow with payments that much lower than rent.

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