A mobile or a manufactured home is a movable home built in a factory and then shifted to where it will be placed. Such a home is manufactured as per the Manufactured Home Construction and Safety Standards set by the U.S. Department of Housing and Urban Development.

Availability of loans for mobile homes:

There are loans available for people to purchase a mobile home with as well as without the land on which it stands.Loan plans for mobile homes are similar to that of site-built ones. Lending institutions offer general as well as government funded loans. The loan terms are in the range of 15 to 25 years and the loan available can be of fixed and variable rate types.

Types of loans:

• Title I Manufactured Home Loan :The lender provides the loan but the Federal Housing Administration insures the loan in case the borrower fails to repay the dues to the lender. For Title I Manufactured home loans, the term depends on specific circumstances but generally range from a maximum of 15 to 25 years.
• VA Guaranteed Manufactured Home Loans: These types of loans are available through various lenders and are guaranteed by the Department of Veterans Affairs (VA). However, the VA does not offer such loans. All veterans eligible for the loan can receive financing for up to 40 percent of their requirements. They can also withdraw up to the maximum limit of their veteran’s entitlement provided they fulfill other eligibility criteria.
• Loans from online lending institutions: There are many online lending institutions which have made mobile home financing easily available to all borrowers. Online lenders are generally more flexible and offer financing to those who need loan regardless of the type of home that is being purchased.
• Retailer Loans Several mobile home manufacturing and selling companies provide the necessary financing to borrowers. Also, the rates and terms offered by them are quite reasonable.

Mobile home loan is a favorable financing option for those aspiring to have a dream home of their own. In order to get the best out of this option, borrowers need to be aware of the loan features. They should also compare the loan offers provided by various lending institutions prior to making the right decision.

More References

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