What You Should Know About Mobile Home Loans

By: Ray Lam

Mobile homes are included under the category of real estate. Hence, companies that provide home loans also provide loans on mobile homes. However, the requirements and natures of these loans are slightly different than loans given for fixed homes.

You will find that these FHA loans do have certain requirements. For example, you must be able to provide a five percent downpayment and have an acceptable credit rating. There are maximum loan amounts and maximum terms. For example, the loan term requirements are 20 years for a mobile home, 15 years for a lot and 25 years for a mobile home and lot. There are many mobile home sellers who also offer financing for their customers. When you go shopping for a mobile home, be sure to ask if the company offers any type of loan program.

Mobile home loans are of two types. There are loans that are provided for the home itself; and loans that are provided for the home along with the land on which it is erected. Loans provided for the home itself provide money for the construction, including the costs of all building materials required. These loans do not provide for transportation charges and the taxes involved in it. Loans for the mobile home alone are usually taken by people living in mobile home community parks and other such temporary arrangements. Actually, these loans are deemed highly dubious by lending companies.

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.

Financial organizations normally provide 75 to 90 percent of the total cost of building the house. Mobile home mortgages are usually long-term mortgages for periods generally above 10 years.

Article Source: http://www.dxarticle.com

Learn more about home equity loan and get your free report on getting low intrerest home loans by visiting home-loans-advisor.info, a popular website that provides advice on getting the best home loans

Please Rate this Article

Not yet Rated

Additional Articles From - Home | Finances

The Balloon Has Not Yet Popped on Gas Prices - By : Michael Benifez..
What You Need to Know About Ski Insurance - By : Peter Smyth
Cash Loans 5000: Short-term Finance For Instant Requirements - By : Angela Whitney
FHA Loans In Uncertain Times - By : Nick Kent
5 Types Of Liability Insurance - By : Alex Bellweather
Investing in the Stock Market - By : Eric76 Drum76
Overview on life settlement - By : jacob.c123
Bad Credit Same Day Loans: - By : Gray smith
Payday Cash Advance Loans Faxless No Teletrack California: Reliable cash source - By : Gray smith
Investing in Repossessed Properties: Get Started - By : Parmdeep Vadesha

indexnav

Learn More.

Authors

Author Login

Submit Articles

Submission Guidelines

Publishers

Top Authors