Mobile Home Mortgages and Lenders

Federal Housing Administration Loans

The HUD title one program allows approved mobile home lenders to make loans available to those who are eligible to borrow money for the purchase of a mobile or manufactured home including the lot it will be placed on once delivered. The mobile home mortgages given through the government run FHA are most preferred since their loans are guaranteed against borrower default. The FHA gives loans based on an individuals credit history and their likeliness to repay their loan. However, government loans are not without the negative considerations.

When you choose to get your mobile home mortgage loans through the government you still need to consider some negative points. The first is that the interest rates are not very low with FHA mobile home mortgages. Although the government mortgage loans have a fixed interest rate based on the current market value of the area where you are getting the loan. To get a government loan the mobile home will have to be your principal residence. With the loan you are allowed to buy either a new mobile home or refinance your current home loan. The other popular option is getting mobile home mortgages through the Veterans Administration.

VA Loans

For mobile homes eligible veterans can finance up to forty percent or an amount total to twenty thousand dollars. If the borrower defaults on the loan it is guaranteed. The VA loans also have their own specifications for what a mobile or manufactured home is. It is a home with a permanent frame or the mobile home will have to meet specific size specifications. A home must be ten feet wide with four hundred square feet or twenty feet wide with seven hundred square feet. Then there are mobile home mortgage lenders that offer a non government loan option.

The Non Government Loan Option

There are many online mobile home lenders that can offer financing for a mobile or manufactured home. Another option is to get financing directly from the retailer through which you are purchasing your mobile or manufactured home. You can often get the most competitive rate for a mortgage through the retailer since their primary objective is to sell as many mobile homes as possible. Now that you know the options available to you it is time to find the right option to meet your financial needs so you can fulfill your dream of owning a home.

When you are considering which mobile home lenders are right for you it is important to consider all your options. You want to make sure you find the right one so that you don't experience problems later on down the line. By making sure you consider every angle of the mobile home mortgages you will be able to find the right match for your needs.