Mobile Home Loans

Mobile home loans are a form of home loans widely found these days. As the name implies, this loan is for mobile homes that can be moved from one place to another.

You will find that these FHA loans do have certain requirements. For example, you must be able to provide a five percent downpayment and have an acceptable credit rating. There are maximum loan amounts and maximum terms. For example, the loan term requirements are 20 years for a mobile home, 15 years for a lot and 25 years for a mobile home and lot. There are many mobile home sellers who also offer financing for their customers. When you go shopping for a mobile home, be sure to ask if the company offers any type of loan program.

Mobile home loans are of two types. There are loans that are provided for the home itself; and loans that are provided for the home along with the land on which it is erected. Loans provided for the home itself provide money for the construction, including the costs of all building materials required. These loans do not provide for transportation charges and the taxes involved in it. Loans for the mobile home alone are usually taken by people living in mobile home community parks and other such temporary arrangements. Actually, these loans are deemed highly dubious by lending companies.

Whatever be the kind of loan, none of them are disbursed if the mobile home fails to meet the HUD code of construction. Similarly, it is very difficult to obtain a mobile home loan if the borrower has a bad credit rating.

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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