Mobile Home Loans

  • Because of the nature of mobile homes, they fall under a different category of specialty lending. You cannot go out and apply for a regular home loan and use it to buy a mobile home. You actually need to find a lender that specializes in mobile home loans and apply to get financing for this specific type of property. There is more risk with this type of loan, but they are also much more affordable and low-rated than other loans. A mobile home can also move, theoretically, which makes it harder for the bank to trust because it might not be on the property when they come to repossess it for nonpayment.
  • All in all, mobile home loans are fairly standard and simple. They don't require top rate credit scores, but they do require you to have certain criteria met. Although today's mobile homes look a lot like typical houses, their financing is still quite different. In the event that the home isn't mobile at all, and the owner also owns the land, it can be a much more mortgage-like loan, which means better financing options and tax benefits.

    Key tips for when you want to get a mobile home loan:

    • This is a really variable market so you need to shop around and compare your options. If you look carefully, you can find a lot of good deals.
    • Never take the first loan or the loan you are offered from the mobile home community salesperson without comparing your options with a few different lenders. You just might find something better.
    • Most mobile homes require 5% down and have a financing period of 15-30 years, depending on the terms that you choose. Just remember to check with lenders before you start planning your purchase.
    • If the home qualifies as personal property, you need to make sure whether you are required to pay motor vehicle registration fees or other charges in your state.

    Advice on finding the best mobile home loans:

  • It really isn't as difficult as it used to be to finance mobile home loans. It still takes a little knowledge and it is quite different from a typical mortgage, but the increasing residential nature of these homes has helped their financing become a little less complicated. If you want the best mobile home loans, make sure that you find a lender who is specialized in this area and that can help you get an affordable loan for your new home.
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