Can You Buy A Sarasota Florida Mobile Home With Bad Credit?

Are you looking at buying a Sarasota Florida mobile home but may not have the best credit?

Unsure of what credit scores are needed to qualify for a mobile home?

Rest assured, you aren’t alone!

When looking at buying a mobile home in the greater Sarasota Florida area it is important to know exactly what it is and what is not before we get started.

Mobile homes on leased land in the state of Florida are viewed as and taxed as personal property and not real property.

What this means is that these mobile homes follow the same transaction process of that of a vehicle within Florida as mobile homes have titles associate with the purchase of the home and not a deed.

Most mobile home purchases on leased land are cash transactions.

In fact, for us here at The Mobile Home Dealer, only one out of every 15 sales are completed with some type of financing associated with the purchase of the home.

When cash is involved in the purchase then there are certainly no credit requirements!

Does that mean that the Buyers credit score is totally irrelevant to the purchase of the mobile home when it is located on leased land?

Not necessarily.

The reason why the Buyers credit score is still something to focus on is because every resident of a mobile home park needs to become park approved prior to closing on the mobile home.

Each mobile home park has their own version of the park approval but most parks will check the same three things for the applying resident which are the applicants credit history, criminal background and income to lot rent ratio.

Each mobile home park will have their own credit requirements for park approval so it is of utmost importance that all Buyers check with the park prior to buying the mobile home they are interested in to ensure they understand all of the requirements that are associated with the approval process of the mobile home park they are interested in living in.

Most mobile home parks will approach the approval process with, what is referred to, as a the “full picture” approach. What this means is that parks will take the applicants income, credit score and criminal background together to determine the status of the applicants park approval.

We certainly suggest that if you or any Buyer for that matter is unsure of what your credit score is to go and pull a free credit report prior to applying for any park to see exactly where your credit score is and if it needs to be worked on prior to applying for park residency.

Knowing exactly where you stand prior to moving forward may certainly cut down the time and frustration associated with the park approval and can, in turn, lead you to success in the mobile home park approval process.

This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.

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