Mobile Home Loans And Financing Options

If you are looking for a mobile home, you’ll realize that there is a vast selection of loan programs and financing options to help you buy the affordable home of your choice. There are even quite a few mobile home sellers who offer financing for their customers. So when you go shopping for one, ask the company about the type of loan programs it can offer. Even if you have poor credit, you may be able to obtain the funds for a mobile home.

Interest rates would be higher, but could be refinanced on a later date when the credit rating improves. One can even find FHA loans suitable for mobile homes, such as loans for people who own their own land for a mobile home, and loans for those who would be living on an established mobile home park. FHA loans have certain requirements such as being capable of providing a 5% down payment and possessing an acceptable credit rating. And there are maximum loan amounts along with max-level terms. For instance, the loan term requirements are twenty years for a mobile home, fifteen years for a lot and twenty-five years for both.

Now, not all mobile home loans and mortgages are FHA and there are quite a few specialized private lenders who offer loans for mobile homes and/or manufactured homes. Now, interest rates for these privately funded loans could be quite high. Nevertheless, mortgage loans are frequently available for refinance at a later date. This is the reason why many people start off with a mobile home or manufactured home. If you do have bad credit and want to own a home, this would be a good idea. And you can always move on, once your credit rating has improved.

Entry Filed under: Manufactured Homes,mortgage lenders