Top 20 Mobile home loan FAQs

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How different are these - Mobile home, manufactured home and modular home?

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.


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Are they similar - Mobile, Manufactured or Modular home?

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Can I use land as collateral to purchase manufactured 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 second mortgage on it.


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Manufactured home with land as collateral

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Can I remove mobile home from land?

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.


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Moving a mobile home from my property

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Can I rent out mobile home after retirement?

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.


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Want to rent mobile home

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Can I get personal loan on 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.


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Personal loan on Mobile home

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Can I apply for mortgage on mobile home excluding land?

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).


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Is it possible to get mobile home loans without land?

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Can I take out loan against manufactured home on rented 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.


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What is the Title1 program?

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.


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Title 1 loan program

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What is a 203k manufactured home loan?

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.


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203k loan on manufactured homes

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Is 100%25 financing possible on manufactured home?

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.


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Can I get 100%25 financing on mobile home?

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Are reverse mortgages available on manufactured homes?

Yes, reverse loans are available but the borrower should own the land and the home should have permanent foundation.


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Reverse Mortgage for Mobile Home in Park

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Is manufactured home loan available for the retired and self-employed?

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.

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Manufactured home loan for the self-employed

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Can I get manufactured home loan after bankruptcy?

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.


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Loan after Bankruptcy

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What is Chattel Mortgage?

Chattel mortgage is a loan taken on a movable personal property such as mobile home affixed to a land owned by the borrower himself.


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Chattel Mortgage

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Can I refinance mobile home without permanent foundation?

If the home has permanent foundation, you can qualify for a mortgage and refinance loan against such a property. But if there's no foundation, you will get personal property loan and then refinance it accordingly.

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Refinancing without foundation

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Can I refinance 1974 home model?

Pre-1976 home models do not follow HUD Code and as such it's hard to refinance them. The lending criteria are generally strict.


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How to qualify for mobile home mortgage refinance?

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.


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Eligibility criteria for mobile home refinance loan

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I am disabled, can I refinance manufactured home?

Yes, it is possible but you may have to opt for mortgage disability insurance.

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Refinancing while on disability

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Can mobile home be foreclosed? What if it's a personal property?

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.


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How to avoid repossession?

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.


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Mobile home repossession
What happens if mobile home is repossessed?

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Last updated on January 15, 2013

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Shine123

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Post     Post subject: Getting a loan

Can you get a loan for a manufactored home with a credit score of 598? If so, what type of loans can I qualify for? and How high will the interest rate be between?
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Mini Profile  adonis
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Welcome Shine,

With a credit score of 598, it will be very difficult for you to qualify for any kind of mortgage. Even if you want a FHA loan, you need to have a score of around 620. So, in my opinion, it will be better if you could improve your score and then apply for a loan.

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Mini Profile  chasemrright




Joined: 01 Jun 2012
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Post     Post subject: Homeowners underwater

Indeed, the information is very helpful to learn more about mortgage. The housing market is still in the tank country-side, though there are steady signs of improvement in many areas. The hardest-hit areas are still a disaster zone, as more than 50 percent of homeowners have underwater home loans in some states. More than 30 percent of the nation's home loans are estimated to be underwater. To get help paying your mortgage this month, get a payday loan.

Thanks and best regards.

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Mini Profile  adonis
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Well, I personally don't think that it is a very good option to take out a payday loan. At times, it becomes very difficult to pay off the payday loans and get rid of it. A lot of people have to even file bankruptcy in order to get rid of the payday loans.
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Ronald Musk

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Post     Post subject: Title need

I want to refi my double wide permanantly anchored to a foundation and am told that I need a title and is homesteaded in the state of geogia. I pay taxes on the double wide and property in one payment. Do I need a title by law?
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Mini Profile  adonis
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Welcome Ronald,

Unless you have the title to the property, the lenders won't be ready to provide you with a refinance.

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Mini Profile  skydendredge

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Post     Post subject:

To know about manufactured home loans, please go through this page

http://www.mortgagefit.com/mobile-homeloan.html
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Mini Profile  luciecelliott




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Post     Post subject:

Ronald, you should have a copy of the note in your closing documents otherwise you can contact the title company that handled the closing of your loan to get a copy. We loan on manufactured properties nationwide, so feel free to contact us.
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Tony Yo

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Post     Post subject: right of way rights on family land,using land as collateral

We own 2 acres of land,my father owns 14,and of course there is his private drive that runs of the main road to get to our land,after about 2 months of getting everything the mortage company wanted,we are approved,but all of a sudden they can,t do the deal because of right of way issues.What should we do?And we told them from the start we wanted to use the land as collateral.Should we find another mortage company that will do it?
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Mini Profile  jameshogg
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Post     Post subject:

Hi Tony,

You can contact a lender who can offer you land loans and check out whether or not they will be able to provide you with such a loan. However, you need to meet the required criteria of the lender.

Thanks
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SamanthaR

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Post     Post subject: lendersfor mobile homes that are single wides

Could you please post some lenders for my area I live in colorado and everyone I talk to says either they dont lend on singlewide mobile homes or they wont lend on a manufactored home please help I m at my witsend honestly
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Mini Profile  adonis
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Post     Post subject:

Welcome Samantha,

It will be difficult to let you know the names of the lenders who will be offering you such a loan. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you.

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KP

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Post     Post subject: Mobile home loan

I would like to purchase a mobile home, I have a credit score of 665. Bankruptcy and foreclosure 4 years ago. Can I purchase a mobile home? I am approved for a FHA loan for up to 240,000. I know mobile home loans are different.

Cannot get a conventional loan because the foreclosure has to be 7 years.
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KP

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Post     Post subject: Mobile home loan

I would like to purchase a mobile home, I have a credit score of 665. Bankruptcy and foreclosure 4 years ago. Can I purchase a mobile home? I am approved for a FHA loan for up to 240,000. I know mobile home loans are different.

Cannot get a conventional loan because the foreclosure has to be 7 years.
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