Mobile Home Loans

Traditionally manufactured homes have been referred to as “mobile homes.” The construction process of these homes is thus - first they are constructed in a plant to conform to the Housing and Urban Development Code standards. They must match specifications for safety design and structure. Then these homes are assembled on-site.

10% of the US housing market comprises manufactured homes. The reason for this great demand for manufactured homes is the affordability of these homes. Many people can now have their own home due to the advent of manufactured homes. Not only is the cost less, but the quality is superior and the technology is great.

However, even though factory made homes are so popular, the finance options for manufactured homes are limited. The ones that are available take into account the substructure and the foundation.

Mobile home financing is similar in some ways and different in others to conventional mortgage financing. Chattel mortgages that take into account the manufactured home itself and not the land are useful for homes located in mobile home parks or lots.

Often the best mobile home financing is available from the manufacturer. Though traditional home financing is different from mobile home financing, various options are available for mobile home financing as well. Though it is a little tedious, buying a mobile home can be well worth it due to the huge saving in cost.