Manufactured homes or Mobile homes have become the order of the day, arising out of the bungling of the real estate market with custom built housing properties. The investment needed for a Mobile Home, when compared to a traditional brick and mortar home is far less. As such they are within the reach of many middle-income group families and it goes without saying that in a downward economy and rising cost of living saving money for a custom built house in a prime location can never be aspired for by these people.
For the purpose of a home loan application for a traditional housing property the basic factors checked are the credit history of the borrower as well as the repaying capacity. Barrowers with bad credit history are looked down upon and are diverted to sub-prime lenders with exorbitant interest rates.
But the scenario is entirely different in respect of Mobile Home loans where even applicants with bad credit history are also considered for eligibility with certain flexible and realistic guidelines. In fact with the foreclosure crisis engulfing the U.S. real estate business and millions of home owners having forfeited their homes to mortgage lenders and have become people with bad credit history thereby, this realistic approach by lenders is timely.
Therefore there are mortgage lenders advertising that they are ready to offer Mobile Home loans with conditions – Loan amounts from $10,000 to $500,000; any year home ok; bankruptcy within 1 year ok; current lates ok; full stated income with 6 or 12 months bank statements; New or used purchases (up to 70%); singlewides, doublewides and triplewides okay; debt to income ratio up to 55% admissible; principle & interest only loans; no prepayment penalties; loan repayment terms 5;7; 10; 15 or 20 years. They are offering loan for main niche as In park homes on leased land.
With so much of flexibility which were never there in regard to the traditional home buying, it is now ripe time for going in for Manufactured Homes that is best suited for you in a location convenient to your work place and with other amenities and comforts.