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Question DetailsAsked on 6/28/2013

how do you buy a home with a 6.0 credit score?

we are tryin to buy a modular home from a business call ''brady homes''. im sure we can get approved cuz we got approved last year at a different place like this but alot more expensive. but they wanted us to put 5,000 down and we didnyt have it. so we have applied for cheaper home, about 70,000 cheaper and we are not sure if we can get a personal loan but are tryin to find a easy place that may exceot us to give us a personal loan. any advice would be appreciated!!! thank you:)

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1 Answer


Don't know what a 6.0 credit score is - usual credit score (FICO) runs from 300-850, with anything above about 725-750 being considered good, and anything in the 800's excellent.

Many banks do not make loans on modular homes, especially if they are not going to be permanently mounted on a permanent foundation. However, some do, and here are other possible financing sources:

1) manufacturer, or manufacturer's sponsored lender

2) credit unions

3) insurance and credit card companies lending arms - like Geico, GE Finance, Capitol One Finance, etc

4) Federal lenders like FNMA and FHA and VA, which insure loans on permanently foundationed manufactured homes - info at and (which even covers mobile homes) and They do not actually make loans, but guarantee them to banks which do the lending, making them affordable.

A home loan will be at a much lower interest rate than a personal loan, and for longer term and available at fixed interest rate, so go that route if at all possible. A quick random check of one credit union showed 5% manufactured home fixed rate, 7-11.75% personal loan rate. You can find other source online using search terms like - manufactured housing purchase loans

Answered 6 years ago by LCD

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