Mobile Home Loans
Mobile home loans are a form of home loans widely found these days. As the name implies, this loan is for mobile homes that can be moved from one place to another.
There are two types of mobile home loans available, loans to buy a mobile home with the land and loans to buy a mobile home without the land. When the land does not come into consideration, the finance institutions give a loan for mobile homes in parks, leased lots, family land, or any situation where the home is not deeded as real property. This sometimes includes people who buy manufactured houses and place it on their land until they build another home later.
Such loans are considered to be high-risk and many leading institutions have quit writing them completely. With the loans of mobile homes with land, the land is naturally taken into consideration for the amount of the loan. To get a mobile home loan of either category, one needs to have a good to excellent credit rating. The better the credit rating, the better is the chance of getting the loan. Usually, financial institutions do not charge an application fee for these loans. The only fee that may be asked is for one to pay the appraisal.
It is comparatively easier to get a loan for a mobile home with the land on which it is installed. These loan amounts are higher, because they also provide for the price of the land. Again, these loans do not provide for the taxes that may go along with the land.
If you have bad credit and want to own a home, you may want to go this route. Then when your credit has improved and you want to make the move to a traditional style home, you will be better prepared to do so.
