Is there any way to be approved for a loan with terrible credit if I offer a larger down payment? I want a mobile home around 95,000.
I have terrible credit because of past mistakes helping out a family member. I have the money to pay and I'm sick of paying a landlord every month rather than owning. Will I ever get approved for a loan with such awful credit ?
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there are "hard money" lenders who are just short of loan sharks who will give you a loan if you put down 25-30% and then charge you upfront points of about 2-3% of the entire loan amount and give you an interest rate about double the going rate. However, it can be for a short period of time, like 2 years, which could give you time to fix your credit ratings and get a conventional mortgage. Sounds bad but still may be better than renting and allows you to establish good credit..
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