Ways to finance a mobile home
Once you’ve decided to rent or buy a mobile home and have chosen its features you need – size, location, etc., it’s high time to find financing for this idea. There are a few options worth your attention if you need to borrow money for a mobile home:
- Loan programs for mobile homes through the FHA (Federal Housing Administration) loan program. You can get maximum $92,904 for 25 years choosing this option.
- Fannie Mae mortgages to finance a manufactured home through the MH Advantage program with 30-year financing. However, they come with rather complicated requirements that not everyone can meet.
- Traditional financing may be available through the Freddie Mac Home Possible mortgage program. Terms vary from 15 to 30 years.
- Personal property chattel loans where the property guarantees the loan.
- Online Personal Loans with flexible terms and affordable interest rates. They are unsecured with no collateral required. You can apply for Personal Loans for Bad Credit online and get the money within 1 – 2 business days. With Personal Loans you can get $25,000 – $50,000, up to $100,000 to finance a mobile home.
Where to get Mobile Home Loans?
It’s recommended to compare various lenders before submitting a loan request. Compare interest rates, terms, and other fees. There’re a few options where to find financing for a mobile home.
- Retailing mobile home manufacturers.
- Direct lenders specializing in mobile home loans.
- Mortgage lenders.
Read the customer reviews, check the ratings, and choose only legit verified companies.
5 Simple Steps to Get Mobile Home Loans
Follow these easy steps to get financing for a mobile home rent or purchase:
- Check your credit history regularly. The better your credit score, the lower your interest rate will be.
- Think whether you need only a mobile home or the land too.
- Decide on the type of home you are looking financing for.
- Choose the type of mobile home loan (FHA, conventional, property, personal) and compare the best offers from various lenders.
- Apply for a loan online and get your money. Be ready to make a down payment as you get approved.