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| Mobile Home Mortgage |
You can get a
mobile home mortgage to buy or refinance a mobile home (also known as a manufactured home). Mobile homes are manufactured in factories and are then transported to different sites, where they may or may not be installed on permanent foundations.
Mobile homes have been treated as personal property and financed through personal property loans that have larger down payments, shorter terms, and higher interest rates than regular mortgage loans.
If you buy a manufactured home that is not movable and own the land on which it is located, your loan is likely to be treated as a mortgage, with a smaller down payment, longer term, lower interest rate, and tax benefits. Even then, the interest rate on a mobile home mortgage loan may be higher than it is for a regular mortgage loan.
Many lenders don’t provide loans for mobile homes. Others provide loans only if the borrower owns the land. Many buyers arrange for mobile home financing through retailers who sell these homes.
More and more lenders are offering conventional and government-insured financing plans for mobile homes. Some of the lenders who offer conventional, long-term mobile home mortgages insist that the mobile home be placed on an approved foundation.
Mobile homes are eligible for mortgage loans insured by the Federal Housing Administration (FHA), Veterans Administration (VA), and the Rural Housing Service (RHS), which have lower down payments, lower closing costs, and easier qualifying norms.
You can contact a counseling agency approved by the HUD (U.S. Department of Housing and Urban Development), to find out about your options.
Use an online mobile
home mortgage calculator to find out how much you can afford to borrow. Shop around and compare offers from different mobile home lenders, and negotiate for a better deal. Obtain quotes in writing from a few reputable mobile home mortgage lenders, for the same type of loan, loan amount, and loan term.
Ask the lenders / brokers to include all the loan costs, and try to make them compete for your business. See that the mobile home lender doesn’t increase one cost when he / she reduces another. Check the reputation of the lenders and read the fine print carefully before you sign up.
We can help you to get free, no-obligations mobile homes
mortgage quotes from reputable lenders in your area with a few clicks. This is a free offer and there are no commitments involved at all. We will not give your contact information to anyone without your permission.
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