Acquiring a mobile home loan is a possibility today even for people with bad or blemished credit scores. Though a few lending institutions prefer to work only with people with established credit, there are several institutions willing to lend to people with bad credit.
The first question asked by the lender when approached for a mobile home loan is about the credit score. A credit score of less than 620 often finds problems in acquiring a mobile home loan. A loan might still be given, but the interest charged may be higher. The worse the credit, the higher the interest charged on the loan. Making a down payment reduces the monthly payments in interest. However, missing a payment or paying less than the due payments will lead to a serious balloon payment at the end of the term.