Yes, it is possible to get a mortgage in Minnesota (or any other U.S. state) with bad credit, but it can be more challenging. Here are some things you might want to consider:

1. **FHA Loans:** Federal Housing Administration (FHA) loans are often a good option for those with bad credit. They are insured by the government and lenders are more willing to take on borrowers who are seen as higher risk. The minimum credit score for an FHA loan is generally around 580, but some lenders may work with borrowers who have lower scores.

2. **VA Loans:** If you’re a veteran or active-duty military, you may be eligible for a loan from the U.S. Department of Veterans Affairs. VA loans typically don’t require a minimum credit score, but the lender you choose might have its own requirements.

3. **Subprime Mortgages:** These are offered to home buyers with poor credit. However, they usually come with higher interest rates and fees to compensate for the additional risk the lender is taking on.

4. **Credit Union Mortgages:** Credit unions may be more willing to work with you if you have bad credit, especially if you’ve been a long-time member.

5. **Co-signer:** If you have a trusted friend or family member with good credit, they may be willing to co-sign the mortgage loan. This means they’re agreeing to take responsibility for the loan if you can’t make the payments.

6. **Work on Improving Your Credit:** Even if your credit is bad now, it might be worth it to spend some time improving your score before you apply for a mortgage. This could involve paying down debt, getting any errors on your credit report corrected, or simply making sure to pay all your bills on time.

Keep in mind that even if you can get a mortgage with bad credit, it might not be the best financial decision. You’ll likely end up paying significantly more in interest over the life of the loan than you would if you had better credit. Before you decide to get a mortgage, you should talk to a financial advisor to understand all the implications.

This is a quick synopsis of what you absolutely need for and manufactured, mobile, or modular home purchase or refinance.
1. Freddie Mac, Fannie Mae, FHA, VA: The manufactured home must have been built on or after June 15, 1976. For single-wide & double-wide manufactured homes.

2. It must be Real property (A clear chain of tile) The home cannot reside in a mobile home or RV park. It must be fixed to a concrete slab (slab on grade) by hurricane straps or wire ties. If fixed to pylons, you must ensure the appraiser notes how the home is fixed.

3. Engineering Certification. This must have been completed by the original owner or any previous owner. If there is no engineering certification, this will need to be done before closing. Schedule this at the same time you schedule the 1004C appraisal.

4. Make sure the realtor, homeowner, or appraiser locates the data plate from the manufacturer. This is crucial. If this cannot be found the homeowner should have a copy of the original closing docs, which will likely have the data plate serial number. If not, check with the title company, they may be able to locate it through title records. If that does not work , your last hope is with the county records.

4. All manufactured, mobile or modular homes can only be approved with a 20-year term. NO EXCEPTIONS! When entering data into your LOS, you set the term as custom (20 years).

Modular Homes: Modular homes must have an additional egress (Exit) other than the stairway if the home has a basement. The modular home must sit on a seal plate.

If you have all of these must-haves accounted for, you will have a much better chance to get a CTC.

Let’s Make Your Mortgage Work For You!

• This discussion was modified 2 weeks, 1 day ago by  Sapna Sharma.

Hard money loans in Utah will go up to 75% LTV while other states is 70% LTV.