getting a loan for a manufactured home

How hard is it to get a loan on a mobile/manufactured home? Does it matter if it is in a park? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Buying a mobile home comes with a unique set of issues that don’t normally come up when buying brick-and-mortar, traditionally-built homes, especially when trying to get a – which is closer in size to a single-family home built on site – costs about $100,000, according to Homes Direct, a seller of manufactured homes.

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However, if you think you are paying high interest and EMI (Equal Monthly Installments) to your current bank, you can consider transferring your home loan to another bank. On getting your home loan.

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When I refinance, should I get a fixed or variable mortgage rate? Since your home is the most important and significant that you will buy, it is a reasonable question. For example, if you’re paying 16% interest on a loan that has two years left on it, and you refinance a loan of four years with 8% interest, you end up paying the same amount of interest.

downpayment on a home However, it’s not uncommon to purchase a home with a down payment of 15 percent, 10 percent, or even less. Some government-backed loans, like FHA mortgages and VA loans, may be available to qualified home buyers with little or no down payment. However, with some of these loan programs, you may be required to pay for mortgage insurance – an.

Trying to get a loan for a mobile home? You may be surprised to learn there are financing options available for non-single-family residence houses.

USDA loans help first-time home buyers – and we’re not just talking about farmers. No mortgage calculator will get down to the dime on what your monthly payment will truly be – too many variables.

Go to the bank or even better a Credit Union, and talk to the loan officer. A mobile home is considered personal property, while a house is Real estate. I just bought a property next door that would usually go for 80K, but only paid 32k, because of the mobile home that is on it. It had to be a cash deal.

These are only a few of the many mortgage lenders accepting applications for manufactured home loans. Compare the loan offerings from a variety of lenders before deciding on one lender in particular because even a small difference in interest rates can translate into big savings over the life of your loan.

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