Home loan mobile owner
Mobile homeowner loans are provided for the purchase and refinance of mobile home loans. These loans are very popular in United States. Some people also call these loans are manufactured home loans as mobile homes are manufactured in a factory controlled environment. Mobile homeowner loans are offered as mortgage loans as well as personal property loans. In mobile homeowner loans, a person can get the loan amount for buying the land as well as home or either of them, if home has permanent foundation. Cost towards any repair work done on the lot is also covered under loan.
This loan is offered by lenders, local banks, brokers, mortgage companies, etc and a person can use the loan amount for purchase or for refinance. Various types of fee payable for this loan are loan application fee, credit report fee, origination fee etc. It is better if a person gets Good Faith Estimate from the lender for getting this loan. In case of personal property loan, a person can get the credit facility for purchase of mobile home on a rented lot like mobile home parks, etc. This type of loan is generally offered by retailers that are involved in selling of mobile homes. Loan period varies from 10-30 years and down payment requirement is 10% generally. Interest rate charged is 23-% higher than the rate applicable on mortgage loans.
For getting mobile homeowner loans, there are certain requirements that have to be completed. It should be understood here that value of mobile home loans depreciate with time. This is the reason why a person would hardly find a lender for getting mobile homeowner loan for home built earlier than 1976. There are some building standards set by HUD and mobile homes should follow these. For example, mobile home must be built in a protected building center as 1, 2 or 3 section home. It should not contain any axles or wheels and it should be fixed to ground. All specifications pertaining to durability, design, energy efficiency, quality etc should be met. Mobile home should have high standards regarding plumbing, heating, A.C etc.
For getting mobile homeowner loans, it is also required that borrower has absolute ownership of home. Some lenders offer above loans only when borrower intends to use it as principal residence. Like other mortgage loans, credit rating of a person plays an important role in case of mobile homeowner loan also. Minimum credit score required is 620. If credit score of a person is lower than 620, he has to apply for bad credit loans and has to pay higher interest rates. Down payment required varies from 5-10% and repayment period allowed is from 15-30 years. Repayment period depends upon the size of home, type of loan and credit profile of borrower. As far as types of mobile homeowner loans are considered, there are many to choose from.
For example, Title I loans are offered by FHA approved lenders at fixed rate for a period from 20-25 years. Maximum loan amount available is $175000. Similarly, veterans can approach approved VA lenders for getting above loans. Both types of loans mentioned above are strictly offered to first time buyers. Mobile homeowner loans are also offered by state housing agencies and housing finance authorities. Other type of mobile homeowner loans is conventional loans. These are offered by banks, private lenders etc. Repayment period varies from 15-30 years. A person can choose from fixed rate loans or ARM loans.
Other type available is bad credit mobile home loan. These loans are offered as sub prime loans. These are offered as fixed rate and ARM loans. People suffering from bankruptcy, foreclosure etc can also apply. Low Down Payment is another type of mobile homeowner loans in United States. However, a person is required to provide private mortgage insurance in these loans. No Income and Asset Verification loan is also one of important types of mobile homeowner loans. These are offered to self employed people generally. Apart from above, construction loans, home improvement loans and mobile home land loans are other types of mobile homeowner loans available in U.S. In cases where mobile home is used as primary residence, interest paid may be tax deductible.
Getting mobile home owner loans
Since there are many lenders offering no-obligation quotes for mobile homeowner loans in United States, a person should try to get quotes from maximum numbers of lenders for comparing them and for choosing the best loan option. Let us discuss some lenders to know more.
M H Loans is one of various mobile homeowner loan lenders in United States. It has been offering services since 1995 and offers variety of mobile homeowner loans. Interest rates offered are very competitive. A person can apply online or can call at 888-809-1145. Loans are offered for financing as well as refinancing of homes located in communities and parks. Downy payment requirement is as low as 5%. For buying homes located in park, a person is required to provide sign purchase agreement. Services are available across United States. There are no prepayment penalties or balloon payment. Similarly, there is no application fee charged.
Mountainside Financial is another source offering mobile homeowner loans in United States. A person can easily call it at 877-475-6852. Loans are offered for financing and refinancing of mobile homes across U.S. There are many types of options available and a person can choose one as per his requirement. Interest rates offered are low and down payment requirement is as little as 5%. A person can get online quote free and on no-obligation basis. Important characteristics of mobile homeowner loans offered by this source are no prepayment penalties, additions and removal or spouse in homeownership, one month payment skip, gifted down payments etc. It can be contacted at 877-475-6866.
Apart from above, there are some other lenders also that can be approached. For example, Florida Mortgage Depo can be called at 1-800-717-7658. Similarly, California Mortgage Depo can be called at 800-881-5764.
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