Mobile home loan
Mobile home loans have become a lot popular off late. These homes come under the category of real estate. Hence most of the companies that give out home loans also give out mobile home loans. But on the other hand the requirement of these loans are different as compared to other loans.
Types of mobile home loans
Mobile home loans are basically of two types. You can get loans that are given for .
- The mobile home itself and
- There are loans that are given for the mobile home as well as the land on which the home is supposed to be erected.
The loan that is provided for the home itself is given for the construction inclusive of the cost of building materials that are required. However, these loans do not provide for the transportation charges and the taxes that are involved in it. However, the fact that mobile homes can be moved leads to an increase in the insecurity for the lender and hence lenders are doubtful when giving out these loans and make a number of necessary requirements for the borrower.
There are a number of banks and financial organizations that have stopped giving out mobile homes without land. As compared to the first type it is easier for the borrowers to get the second type of mobile home loans. This is because these would carry a higher amount and would provide the price of the land also. However, these loans do not finance the taxes.
Whatever type of mobile home loan you take it is important that the mobile home that you take should meet the HUD code of construction. If the mobile home fails to meet the code then the mobile home loan is not sanctioned.
The mobile home loans are usually for long-terms for up to 10 years or more and usually provide 75-90% of the total cost.
Requirements for getting mobile home loans
When giving out mobile home loans the lender would put a number of factors. There are some companies that would require that the mobile home be fixed to the ground so as to provide the loan. These criteria would include removing of the wheels, hitches and the axel of the house. This requirement posed by the lender is called as the foundation requirement.
These requirements are put by, the lending companies so that they can secure themselves by creating a fixed property. There are some lenders who can go to the extent of getting the whole house fixed on a concrete foundation.
The eligibility criteria for mobile home loans are different in comparison to the tradition home loans. The borrowers are eligible for the mobile home loans only if the met the following : .
- The mobile home must be built according to the standards of the HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. The house should be built as 1,2, or 3 section in a protected building and then transported to the installation site. They should be fire resistant, durable, energy efficiency and transportable
- The property should maintain the high standards of heating, plumbing, air conditioning, thermal and thermal systems and should pass through strict inspections conducted by a third party.
- The borrower is required to have the fee simple form of ownership unless if the loan is required for a lot that consists of a share in a co-operative association owning and operating the mobile home park.
- The mobile home should be the principal residence of the borrower.
- The borrower should have an average credit score of 620 so as to qualify for a mobile home loan at an affordable rate of interest.
You can easily find mobile home lenders in the loan market. However, it is important that you compare the offer from different lenders and then apply for the one that gives the best deal to you. Some of the lenders for mobile home loans are mentioned below.
MH Loans: .
This company was established in 1995 and since then has been providing mobile home loans to borrowers. They have different plans that you can choose from and also give competitive interest rates. You can easily find out a loan that would meet your needs and budget. You can contact them at MH Loans Corporation; 705 Main Street; Suite 201; Vancouver, WA 98660; phone: (888) 809-1145.
Mountainside Financial: .
They provide mobile home financing and mobile home refinancing programs to help you fulfill your needs. They offer different plans for financing and refinancing. You can do wit a little amount of down payment with this company by providing just 5%. And also enjoy competitive rates. You can contact them at East Coast Office: Mountainside Financial; 27 Wells Road; Fairfax, Vermont 05454; (877) 475-6852 ext.0 (toll free call); (877) 475-6866 (toll free fax) OR West Coast Office : Mountainside Financial; 18305 E. Mexico Pl.; Aurora, Colorado 80017; (877) 540-7168 (toll free call) ; (888) 424-4185 (toll free fax).
PS Loan: .
They have the knowledge, expertise and the experience to provide you with the lowest interest rates on your mobile home loans. You can get some of the best financing option with them and get a response within 24 hours of applying for the loan. You can contact them at Mobile Home Loans By PS Loan ; 2210 E. Vista Way, Suite 1 Vista, CA 92084 ; toll free 1-800-235-7408; fax (760) 806-1750.
21st Mortgage Corporation: .
They are full-service wholesale lender that specializes in dealing with manufactured and mobile home loans. They underwrite, originate, and service their own loans and offer a variety of loan types to manufactured housing retailers, mortgage brokers, and directly to consumers nationwide. You can call them at (800) 955-0021 for more details.
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