Mobile Home Loans

Are you looking for a new mobile home? If so, you may be looking for a mobile home mortgage loan as well. Lucky for you, there are all sorts of mobile home loan programs available in today’s mortgage market. There are even mobile home mortgage programs for people with poor credit.

With the bad credit programs. the interest rates will be higher, but can always be refinanced at later when your credit score improves. You may even be able to qualify for an FHA mobile home loan for your mobile home purchase. Make sure you understand all your options before you sign anything! 

You will find that these FHA loans do have certain requirements. For example, you must be able to provide a five percent downpayment and have an acceptable credit rating. There are maximum loan amounts and maximum terms. For example, the loan term requirements are 20 years for a mobile home, 15 years for a lot and 25 years for a mobile home and lot. There are many mobile home sellers who also offer financing for their customers. When you go shopping for a mobile home, be sure to ask if the company offers any type of loan program.

There are many mortgage programs for mobile homes beyond just FHA. Many programs are provided by private mortgage lenders who specialize in offering loans for mobile homes, modular homes and manufactured homes. Just remember, interest rates on some of these privately funded loans can be quite high. With that said, sometimes it’s worth paying a higher interest rate due to the tax benefits and your ability to refinance at a later date. Just be sure to check with your tax advisor about tax benefits and make sure you understand how much your payment will be so you will know if you can afford it.

If you have bad credit and want to own a home, you may want to go this route. Then when your credit has improved and you want to make the move to a traditional style home, you will be better prepared to do so.