Mobile Home Loans

Mobile homes are perceived very differently from the time they were called trailers. Now affordability of these homes comes with style. Your home can be built to your liking with a large number of options available. There are a number of mobile home loan programs available with many national mobile home loan lenders. Qualified applicants can get financing to buy a mobile home – used or new.

In addition refinancing of an existing mobile home is also available. Chattel mortgages are those mobile home loans that are for homes on rented land. If the land of the mobile home is self owned then a loan towards it is called a real estate mortgage. Chattel mortgages have a higher rate of interest and the loan terms are shorter.
There are some things to remember while financing mobile homes. Atleast 3 years of employment is needed. Down payment of only five percent towards the mobile home may be needed. HUD standards must be complied with in the building of the mobile home. Loan period can be 240 years maximum for used homes and 300 months for new homes.

Vacation and secondary home loan programs are available as well. The value of the mobile home is calculated through an appraisal or using a book value