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What You Should Know About Mobile Home Loans

Author: RayLam Total views: 3 Word Count: 409

If you are in the market for a mobile home, you'll find a variety of loan programs and financing options to make buying the home of your choice affordable and easy. Even people with poor credit may be able to obtain financing for a mobile home. The interest rates will be higher, but can be refinanced at a later date when the credit rating improves. There are even FHA loans suitable for mobile homes. The two main types of FHA loans are one for people who own their own land on which the mobile home will be placed, and one for people who will be living in an established mobile home park.

Some companies require mobile homes to be fixed to the ground in order to provide loans for them. This includes removing the wheels, axles and hitches of the homes. Such requirements are called foundation requirements. Lending companies usually put this requirement in order to secure themselves by creating fixedness for the property. An extreme requirement for this is to affix the entire home on a concrete foundation. This is also a usual demand by lending companies.

Such loans are considered to be high-risk and many leading institutions have quit writing them completely. With the loans of mobile homes with land, the land is naturally taken into consideration for the amount of the loan. To get a mobile home loan of either category, one needs to have a good to excellent credit rating. The better the credit rating, the better is the chance of getting the loan. Usually, financial institutions do not charge an application fee for these loans. The only fee that may be asked is for one to pay the appraisal.

It is comparatively easier to get a loan for a mobile home with the land on which it is installed. These loan amounts are higher, because they also provide for the price of the land. Again, these loans do not provide for the taxes that may go along with the land.

Not all mobile home loans and mortages are FHA. Many are provided by private lenders who specialize in offering loans for mobile homes and/or manufactured homes. As mentioned earlier in this article, interest rates on some of these privately funded loans can be quite high. Even so, mortgage loans are often available for refinance at a later date. This is why many people who dream of owning a home start off with a mobile home or manufactured home.

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