Should Mobile Home Loans Include Land?

Mobile home technology has ensured that the comfort within them is far better today than what it used to be. More and more people are going in for this type of home and for this they also look at mobile home loans. It is important to know that the mobile home you want to buy should be on land that can be bought along with the home or the government should be able to provide the land. But there is difference between getting a loan for only the mobile home and getting a loan for both land and home.

Loan terms for these two types are very different and you must find out which type you need. At times mobile homes without land can also be considered under mortgage home loans where it does not cover the amount needed to buy the land on which the mobile home sits. These are also known as chattel loans.

Chattel loans are handy when the mobile home you are looking for is sitting in a park or in communities. Chattel loans also help when you cannot afford to buy the land. A good option is to first finish the loan for the home and then if finances permit you can take another loan and buy the land too.

But there are different regulations for different places. There are some states where the loan is used to buy both land and mobile home and these loans are then recognized as mortgages. This basically means you get the benefits of any rebates, subsidizing and taxes as applicable on that category. Your local regulations will be able to tell you which are the best loans to get.

The best way to find good deals on mobile home loans and with land or without the land is to go online. You will get an idea of the different regulations applicable in different states and you can see how to tailor your requirement so you get the best deal and it may be cheaper than what you started out with.

Vendors on the internet are always willing to supply quotes and information so you can compare deals and offers and take the one that fits your bill the best.

Entry Filed under: Manufactured Homes

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