CT mobile home loan taken as mortgage??

Guest 0.10 Dollars($)

I'm a first time buyer looking for mobile home. How do I start off buying a mobile home? I do own the land and it's a mobile home community. Will the mobile home loan be taken as mortgage? Do I need to pay 10% as down payment or is it lower for mobile homes? Are there specific loan options for mobile homes, we're in CT.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Jeff.

Welcome to the forum.

Mobile home loan is also a kind of mortgage loan backed by the mobile home but there are certain requirements to get approved for a mobile home like the mobile home should have permanent foundation, it must be your principal residence etc. If you want to know more about it at http://www.mortgagefit.com/mobile-homeloan.html

Hope it helps.

Feel free to ask if you have any further questions.

Best of luck,
Larry

brian1 · Posted: Fri Jun 20, 2008 10:02 am Post subject:

Financing through mortgage channels will be somewhat limited. The home needs to be permanantly attached to the land to be considered real estate. Not many will do them as real estate when it is in a community park.

Your best bet is to contact the manufacturer, assuming you are looking at a new home, and see what resources they have for financing.
If you are looking at moving a home from somewhere else a local bank may be the way to go.

Good Luck
Brian

gmakerley · Posted: Fri Jun 20, 2008 11:01 am Post subject:

there are several mobile home parks in the state - you noted that the lot is in a mobile home community and that leads me to believe that you'd be buying in a community that probably finances mobile homes also. they do exist. you didn't say what part of ct you're in, but you'll find that for the most part you won't be able to obtain a standard mortgage, but will have to finance through a dealer or a few selected lenders that might finance mobile homes.

i am not one of those who does, unfortunately; and frankly, i don't know of anyone else who does. check with the park owner..check with the unit owner...check online or in the yellow pages as well.

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