Mobile Home Loans

The interest in mobile homes inside the state of California is at an all time high. Because of the high cost of living in California, Mobile homes are more attractive to many prospective homeowners and are often the only thing in their budget.

If you’re considering purchasing a mobile home in California, you will need to find a lender who specializes mobile home lending.  Mobile home lenders are individual brokers and mortgage companies who provide loans to qualified buyers. Mobile home mortgage loans will often come with a higher interest rate than traditional brick-n-mortar homes. This is because they are not regulated by the United States government.

 If you want to own your own mobile or manufactured home but have had trouble obtaining a traditional mortgage loan for a traditional style house, buying a mobile home can make your dream of home ownership a reality. It might not be exactly what you had in mind, but many people love mobile homes because of the spacious living quarters and the mobility. There are often land-home packages that help you buy not only the mobile home but a nice lot to put it on as well.

Lenders for mobile homes do have a few regulations even though they are not governmentally imposed. For example, the mobile home for which you are getting the loan for must be your main residence. The term of a loan for a mobile home can range anywhere from 10 to 25 years on average. It all depends on what kind of monthly payment you can afford and the amount of money you borrow. If you are interested in purchasing a California mobile home, many companies that sell mobile homes also provide loans for their customers. If they don’t, they can possibly refer you to one or more lenders who can help you.