- How different are these - Mobile home, manufactured home and modular home?
- Can I use land as collateral to purchase mobile home?
- Can I remove manufactured home from land?
- Can I rent out mobile home after retirement?
- Can I get personal loan on mobile home?
- Can I apply for mortgage on mobile home excluding land?
- Can I take out loan against manufactured home on rented land?
- What is the Title1 program?
- What is a 203k mobile home loan?
- Is 100%25 financing possible on manufactured home?
- Are reverse mortgages available on manufactured homes?
- Is mobile home mortgage available for the retired and self-employed?
- Can I get manufactured home loan after bankruptcy?
- What is Chattel Mortgage?
- Can I refinance mobile home without permanent foundation?
- Can I refinance 1974 mobile home model?
- How to qualify for mobile home mortgage refinance?
- I am disabled, can I refinance manufactured home?
- Can mobile home be foreclosed? What if it's a personal property?
- How can I avoid home repossession?
Have a different query? Ask the community?
Manufactured home is a housing unit built in factories as per HUD code and transported to the site where it can be affixed. Those built before June 15, 1976 are known as mobile homes. Modular homes are divided into sections built as per building codes at specific site.
Are they similar - Mobile, Manufactured or Modular home?
You can use any land as collateral to get home loans but the land should be paid for. Such a loan taken against the land is called land loan. If the land is not paid for, you will have to get a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] on it.
Manufactured home with land as collateral
Yes, you can remove a mobile home from the land to which it is affixed. But you need to get a permit from the Department of Transportation in your state.
Moving a mobile home from my property
Yes, you can rent out the home even though it is mortgaged or you have taken a personal loan for it. But you should be able to assure the lender that you can afford to make payments in time.
Want to rent mobile home
You can get personal loans if the home is a personal property, that is, affixed to a rental land. Personal property loans have shorter term and higher rates of interest compared to traditional mortgages.
Personal loan on Mobile home
No, you cannot get a mortgage on a property if you don't include the land. A mortgage loan is meant for real property and not for a mobile home which is a personal property (fixed to a rented land).
Is it possible to get mobile home loans without land?
Yes, there can be loans on manufactured home affixed to a rented land. Such homes are regarded as personal property and the loans are personal property loans offered by dealers who sell off such properties.
Title1 program is a financing option offered by HUD-approved lenders on manufactured homes (treated as personal as well as real properties) built as per HUD code. It serves as a home improvement loan for those having good credit history.
Title 1 loan program
It is a HUD-insured mortgage offered for the purpose of buying as well as renovating mobile homes or for remodeling such an existing property.
203k loan on manufactured homes
Yes, it is possible but the property should have permanent foundation. Other requirements are credit score of 640 and above, 40-45%25 of debt-to-income ratio, income and assets documentation and 2 months cash reserves. You can qualify even with a bankruptcy discharge prior to 12 months, but you must have re-established your credit.
Can I get 100%25 financing on mobile home?
Yes, reverse loans are available but the borrower should own the land and the home should have permanent foundation.
Reverse Mortgage for Mobile Home in Park
Yes, it is possible to get traditional mortgages. But you should be in business for at least the last 2 years. The 2 year business license and tax returns in business should be provided as proof. Otherwise, you can go for Stated Income No-doc loans.
Manufactured home loan for the self-employed
You can get FHA loans 1 year after bankruptcy discharge if it is chapter 13. If it's Chapter 7, it will take 2 years. But the rate depends on how much time has passed since the discharge and what your credit looks like after the discharge. For conventional loans, rates are even higher.
Loan after Bankruptcy
Chattel mortgage is a loan taken on a movable personal property such as mobile home affixed to a land owned by the borrower himself.
Can I [url=http://www.mortgagefit.com/refinance.html]refinance[/url] mobile home without permanent foundation?
If the home has permanent foundation, you can [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] and refinance loan against such a property. But if there's no foundation, you will get personal property loan and then refinance it accordingly.
Refinancing without foundation
Pre-1976 home models do not follow HUD Code and as such it's hard to refinance them. The lending criteria are generally strict.
The borrowers should have a minimum credit score of 620 and an impressive credit history. The property shouldn't be older than 1977 and must meet HUD standards.
Eligibility criteria for mobile home refinance loan
Yes, it is possible but you may have to opt for mortgage disability insurance.
Refinancing while on disability
If the home is a real property and collateral for mortgage loan, it can be foreclosed by the lender or the mortgage company. However, if the home is a personal property, then the creditor (mobile home dealer) offering the loan will simply repossess the property and sell it at a public auction.
Pay back the payments plus late charges or attorney fees, if any. You have to correct any violations of the contract like getting insurance if you haven't. Usually, one gets a 30-day notice before the repossession.