Mobile Home Loans

A wide variety of mortgage loans and programs are available for people buying manufactured homes. Mostly higher interests have to be paid (other than in the case of guaranteed loans). The reason for this is the quick depreciation in prices of manufactured homes and the smaller life span of these.

The majority of people opt for chattel or personal property loans when buying manufactured homes. In this case manufactured homes are viewed like cars as personal property and not real estate. This means that you do not get any real estate tax benefits.
Sometimes there is no downpayment required for chattel loans. On the other hand this results in high interest rates. Loan periods are short - just 10-15 years. If you own the land then you may qualify for a longer loan period.

If you own the land, you may be eligible for a real estate mortgage. When you owe less than 80% of the home value, get the PMI stopped. Some veterans will qualify for a VA guaranteed loan. These loans have no downpayment (usually) and a lower interest rate. However, a 30 year mortgage may not be possible.

FHA loans are another option available. These loans are beneficial as the mortgage insurance rate is the same regardless of credit score. They benefit people with low credit scores.