Mobile Home Loans
Home Loans Support
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Owning one’s own home has long been a dream of many. Unfortunately, even in today’s housing market, a home is expensive, and not everyone can afford one, or afford a loan to get one. For some people, an appealing alternative option is to buy a mobile home instead. A mobile home is a home that is built in a factory and then moved to the site where the residents will live. Although this will be cheaper than buying a traditional home, it will in many cases still require a loan. Fortunately, some banks offer mobile home loans specifically for this purpose.Types of Mobile Home LoansThose interested in taking out a mobile home loan will do so in one of two ways. They can take out a mobile home mortgage loan, similar to what they would do with a traditional home, or they can take out a personal property loan.Mobile Home Mortgage LoansA mobile home mortgage loan is typically taken out for a mobile home with a permanent foundation; that is to say, the home is moved from a factory but set into a foundation in the new location so that it is part of the land and cannot be easily moved again. In this case, you have the option to take out a mortgage loan on the home and the land on which it sits, or on just the land or just the home. The process for taking out this loan is for the most part the same as the process for taking out any traditional home mortgage loan.Personal Property Mobile Home LoansIf you are planning to buy a mobile home in a mobile home park, you will generally be getting a personal property loan for the mobile home. You will not need a loan for the land as the land will belong to the owner of the mobile home park. You will usually get your personal property loan for your mobile home from the entity selling you the mobile home. For a 10 to 30 year loan you will have to put down 10 percent of the purchase price of the mobile home. In general the interest rate will be slightly higher than that of a mortgage loan.Mobile Home Mortgage Loan OptionsThere are a number of ways you can obtain a mobile home loan. You can get a mobile home loan through the Veteran’s Association if you are a veteran. There are Federal and State approved mobile home loans that you can pursue. You can obtain a mobile home mortgage loan through a private lender the same way you would obtain a conventional home mortgage loan. If you do not have the best credit, there are bad credit mobile home loans available, although you should be sure you will be able to meet the terms of the loan before agreeing to one of these. You can also obtain loans for mobile home land, either to set up your own mobile home or to rent to others. If you do this, you may also be able to obtain a construction loan to build your mobile home.TSC Sources & Recommended Resources
