My husband and i are very interested in buying a trailer in a mobile home park. We have never been home owners but have rented a apartment. I am 23 and make no income, my husband is a truck driver and makes a good living. We do have low credit scores in the 550's, due to credit cards. We do also have a truck payment and his student loans. We are currently living with his parents and it is horrible. The trailer we are looking at is in a great trailer park and is around $26,999.00. The park does offer financing even for people with bad credit or who have ever had a foreclosure. MY question is how does this process work? We need to finance it obviously. Does the loan get worked into the lot rent or is that a completely different bill? Do we need to have home owners insurance or some type of insurance? Also we have 2 dogs that the park will allow. We also live in Newport, Michigan not sure if that would make a difference. I know that we will probably have a high interest rate cause we have such a bad credit score. I just need to know how all this works. Negative comments are not appreciated. Link to the trailer and the park website-------> http://www.mhvillage.com/Mobile-Homes/Mobile-Home-For-Sale.php?key=712961

Buying a mobile home is a lot like buying a car. The credit requirements are a great deal different and like a car lot it is common to have on the lot financing available. The lot rent will be a separate bill.
Just don't go into the purchase with your eyes closed especially if the trailer is used. Don't forget to negotiate!!! There is a mobile home "blue book" that can help you determine the proper value just like a car, but the hard part is gaining access to this information without buying the book

The total cost involved with financing a mobile home plus paying for park space will equal or exceed the cost of apartment rental and you will be stuck with a depreciating asset that will be difficult to sell in the future. Good Luck