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If you're looking for a relatively less costly housing option than a traditional home, then one good choice available before you is the mobile or manufactured home. Mobile home, also called as trailer or caravan, is gradually becoming a popular housing option to many home buyers. Though a mobile home may look like a traditional home but it is comparatively little difficult to finance this type of home than to finance a traditional one. With little more effort, however, you can find out the required financing option too. If you want to know about mobile home loans, check out the following topics:



What are the types of mobile home loans?

Finding out the right mobile loan product can save a lot of money for you. Here is an outline of different financing options that may help you select the right product. These loan products are categorized on the basis of land ownership, lending authority and some other factors.

    On the basis of land ownership:

  • Personal property loan: If the manufactured property is not on a permanent foundation and if it is purchased separately, then you have to take out a personal property loan. When you own a land on your own, then personal property loans may be required to finance the purchase of a mobile home. In comparison to traditional home financing, the qualifying standards for personal property loans are relatively lenient.
  • Mobile home mortgage loan: If the manufactured property that you want to purchase is on a permanent foundation, then you have to take out a mobile home mortgage loan. These loans are relatively difficult to qualify than the personal property loans. These loans also require higher upfront costs than the personal property loans.
  • On the basis of lending authority:

  • Federal programs: Title I and Title II loans are offered by the lenders approved by the Federal Housing Administration (FHA), to buy mobile homes. To qualify for these FHA-approved loans, mobile homes must conform to the HUD Code and must be located on approved foundations.

    Manufactured home loans, guaranteed by the Department of Veteran's Affairs (VA), are available for for the veterans. This 100% VA financing is available if the mobile homes are located on approved foundations. The United States Department of Agriculture (USDA) also offers financing for the purchase of manufactured homes.

  • State and local housing agency programs: Mobile home loans are offered by the State Housing Finance Authorities/Housing Agencies to the first time home buyers at relatively lower rates.
  • On the basis of other factors:

  • Construction loans: These are short term loans designed to help you build a mobile home on property you have already purchased. Short term, high interest construction loans may also be available to help you make improvements on your home or property.
  • Home improvement loans: This type of loan is designed to help you make improvements to your mobile home. An example of this type of loan is a Title 1 Home Improvement loan insured by the FHA. Some states offer special loan programs in addition to the Federal government's tax deduction for certain energy efficient improvements.
  • In addition to the options stated above, there are also mobile home refinance and equity loans available from specific lenders. All you need to do is decide why you want to take out the loan and choose the one that is right for you.


What are the requirements to qualify for mobile home mortgages?

Usually mortgage loans are not offered for the purchase of manufactured homes which were built before 1976. This is so because the lenders take a close look at the condition of the house before offering a loan. A manufactured home must comply with the building standards proposed by Department of Housing and Urban Development (HUD). Here are the requirements to qualify for a manufactured home loan -
  1. The HUD Code requirements:
    • As per the HUD Code, the home must be built as 1/2/3 section homes at a protected place. Then the home has to be shifted to the site. Thereafter, the wheels and axles must be removed so as to give it a permanent foundation.
    • The home should follow the HUD Code pertaining to quality, design, transportability, durability, energy efficiency and fire resistance.
    • The manufactured home should pass the third party property inspections.
  2. Credit score:
    Mobile home lenders require a minimum credit score of 680 to offer a mobile home loan. With a credit score higher than that, you can get better rate.
  3. Ownership rights:
    • The mobile property that you are purchasing should be clear of any liens. The property under consideration may also be managed by a co-operative association.
  4. Down payment:
    • Depending upon several factors such as the type of loan, value of the home and your credit standing, you may be required to make down payment of 5-10% of the purchase price of the home.


What are the steps that you need to follow to obtain mobile home financing?

If you are planning to buy a mobile home, you need to follow some steps. Some of these steps are same as followed in the general home buying process, whereas some of the steps differ. Here are the steps that you need to follow:
/styles/mortgage/img/mobile-home-loan-steps.png


What tax benefits do mobile home loans offer?

If the loan is a mortgage, secured by the mobile home that is your primary residence, then the Federal government will allow you to deduct the interest and property taxes you pay from your income taxes, provided you have purchased the home before September of the tax year. In addition, some states allow you to deduct your property taxes from your state income taxes, provided the Federal timing requirement has been met.

Some states, like Indiana, may permit you to deduct all or part of the rent you pay for the lot your mobile home rests on. In order to determine whether your state will permit you to deduct the lot rent, you should consult a tax professional in your state.

Related Readings
Related References:
Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Me and my mom are on the title of the mobile home. there is about 35,000 left on the mortgage she upped and left me to pay it all by myself. If i make the rest of the payments can i sue her for her half she didnt pay?

Like | Dislike | Share | Posted: Thu, 03/01/2012 - 05:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi - I'm 21 with $30,000 to put down on a newer mobile home. My credit isn't great at all and I make about 1600 a month. What would be the best loan for me? My mom said she'd help with the loan, but someone told me ih can only be the people living on the property.

Like | Dislike | Share | Posted: Fri, 07/27/2012 - 14:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I do not quilify for a home mortgage due to poor credit. I am getting about 60k inheritance in a few months could I get approved for a mobil home inadvance by signing over a portion of inheritance?

Like | Dislike | Share | Posted: Sat, 03/16/2013 - 17:00 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Doris,

It may be difficult for you to get qualified for such a small loan amount. But there is no harm in trying. you should contact the local lenders and check out if they can help you in this regard.

Thanks

Like | Dislike | Share | Posted: Fri, 03/08/2013 - 00:28 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi akakim!

Welcome to forums!

You may sue her for her payments if her name is mentioned on the mortgage docs. However, if you want to save your property, then you will have to make the mobile home loan payments in full.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 03/02/2012 - 00:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are looking to buy a 02 double wide that sits on approxamitly 2 acres of land. I am a stay at home mom. My husband is the only one who works. I have no credit and his is poor. Also his job pays cash which means he gets 1099....he's worked here for 7 years now. Is there a possible way for us to get a loan??

Like | Dislike | Share | Posted: Fri, 04/12/2013 - 11:21 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we own our own mobile home. we have been rebuilding it for the last 3 years. room by room. new roof, new floors, going from plywood to drywall. when we bought the house it was sitting in a commuminity. we as a family of 6 have out grown. we can't have a garage. we pay for a corner lot. ect.ect.ect. well we would like to find a piece of property here in mi prefferably in oakland county. or close to it. so we can move our mobile home and have it moved. and placed on a more permmanint foundation. i heaed only some countys will allow you to do this. How do i find this out? and how would i go about getting some kind of finance to purchase the lot, then move the house? hope some one can help me. please and ty.

Like | Dislike | Share | Posted: Fri, 03/23/2012 - 21:56 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Terri,

You will have to contact a real estate attorney and he will let you know whether or not your state laws will allow you to move the mobile home even if you have a mortgage on it.

Thanks

Like | Dislike | Share | Posted: Sat, 03/24/2012 - 00:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and I own the 1998 mobile home that my brother lives in.We would like him to purchase it but he is on a very tight budget. What kind of mortgages are there for him to apply for? The home is in a mobile park,he pays all bills, it's just a matter of finding a way for him to purchase it. Any help would greatly appreciated. Thankyou

Like | Dislike | Share | Posted: Sat, 03/24/2012 - 15:10 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Patriciabryan,

He can apply for a mobile home loan in order to buy the property. He should contact the local lenders and apply for a mortgage. If he has the required credit score and income, then he will easily qualify for a loan.

Thanks

Like | Dislike | Share | Posted: Mon, 03/26/2012 - 01:08 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I moved to PA in August 2011 and started new employment. I am looking to purchase a mobile home out here in a park for between 15,000 and 25,000 i have a credit score of about 507 last i knew are there any options I can look into. I am looking to buy in September or October this year and will have about $2000 to $3000 to put down... Is there any hope? Thank you I am 45 and really want to purchase my first home

Like | Dislike | Share | Posted: Wed, 03/28/2012 - 17:28 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

With a credit score of 507, you won't be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. You will have to improve your credit score first in order to qualify for a mortgage. In order to get a FHA loan, you need to have a credit score of 600-620 whereas to get a conventional loan, you should have a credit score of around 700-720.

Like | Dislike | Share | Posted: Wed, 03/28/2012 - 23:36 | Post subject:

petekolackovsky1's picture
petekolackovsky1 | Joined: September 14, 2011 12:05 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Tina,

Everything looks fine to me and you should be able to be approved for finance without a problem. Of course contact your lender and talk it over with them, communication is key!

Like | Dislike | Share | Posted: Wed, 04/18/2012 - 09:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are we supposed to already have the title to our mobile home? We took out a mortgage in 2001 for our double wide mobile home. Shortly thereafter we received the title in the mail. I didn't think much of it at the time but I recently got to thinking that maybe it should be treated just like a vehicle and the bank should still hold it until the mortgage is paid off. What should I do or is the mortgage even legal now? Help,..we have been paying on this for 11 years now.

Like | Dislike | Share | Posted: Mon, 04/23/2012 - 20:14 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bamaette,

Your mobile home will be considered as a vehicle and the title will be recorded at the Department of Motor Vehicles. Once you pay off the mortgage, you will get a lien release certificate from your lender and can record it at the DMV/county recorder's office.

Thanks,

Jerry

Like | Dislike | Share | Posted: Thu, 04/26/2012 - 03:15 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Marlene,

You can contact a local FHA lender and apply for a loan. With a 625 score, you will be able to qualify for a FHA loan. However, your husband may not be able to qualify for a loan with his scores.

Like | Dislike | Share | Posted: Thu, 11/01/2012 - 22:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I AM CURRENTY PURCHASING ON CONTRACT A HOME WITH LAND, BUT THE HOME IS PART MOBILE HOME AND PART STICK BUILT, ACTUALLY A HOME WAS BASICALY BUILT AROUND THE MOBILE HOME, YOU CANT TELL THE MOBILE HOME IS EVEN THERE, HOME IS ON PERMANENT BLOCK FOUNDATION, MY QUESTION IS HOW DO I [url=http://www.mortgagefit.com/refinance.html]REFINANCE[/url] THIS PROPERTY FROM A LAND CONTRACT TO A VA LOAN, IS IT CONSIDERED MOBILE HOME OR STICK BUILT, THANKS FOR ANY HELP YOU CAN GIVE ME IN THIS MATTER

Like | Dislike | Share | Posted: Wed, 05/02/2012 - 09:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how many acres will va finance with the purchase of a mobile home?
how does the appraisal process work and how much down do you need

Like | Dislike | Share | Posted: Wed, 05/02/2012 - 10:41 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I tried to refinance a loan on my mobile home. my balance is $74000, home now worth $122-144,000. my current loan is 12.5%, interest only, have paid monthly since 2004. home built 2002. I will lose it if I can't refinance. Payment now is $749mo. I only earn $1040 soc sec, + $1320 mo not on taxes (self employed). credit score is 737.
Hope U can help. Home is on rented mobile park, not perm foundation.

Like | Dislike | Share | Posted: Wed, 01/23/2013 - 13:49 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To BUGGS,

Well, it will be the lender’s discretion whether he would consider your property a mobile home or stick build. You should inform the lender about your situation and ask for his opinion.

To Gail,

The property appraiser will appraiser the property as per the required standards and let you know the valuation of the property. Then the VA lender will be able to let you know how much they will finance.

Sussane

Like | Dislike | Share | Posted: Wed, 05/02/2012 - 23:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am currently looking for a loan to purchase a mobile home in a park my credit score is 591 I have great job history but don't have any long term payment history I do have a willing cosigner but have been told it doesn't help can u helpe find somewhere that will help me het a loan

Like | Dislike | Share | Posted: Sat, 03/09/2013 - 18:14 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mollyb,

You can contact the local lenders and apply for a refinance. But as mobile homes lose value quickly, lenders normally avoid refinancing such loans.

Like | Dislike | Share | Posted: Wed, 01/23/2013 - 22:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i owe about 27,000 left on my 2008 mobile wanted to refinance it cause the mortgage company i am with now keeps changing my payment amount please get back in touch with me.

[size=9:197dd9ff8f][color=Red:197dd9ff8f][Phone number deleted as per forum rules. Thanks.][/color:197dd9ff8f][/size:197dd9ff8f]

Like | Dislike | Share | Posted: Mon, 05/07/2012 - 11:34 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi joseph!

Welcome to forums!

You will have to contact the other local lenders and apply for a mobile home loan refinance. Depending upon your financial and credit situation, the lender will let you know whether or not you can qualify for a mortgage.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 05/08/2012 - 01:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How to find it?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi David,

What do you want to find out? Please explain your query in details so that experts participating here can give you their opinion.

Like | Dislike | Share | Posted: Sun, 05/13/2012 - 23:19 | Post subject:

bostanmotan's picture
bostanmotan | Joined: November 30, 2012 03:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi there folks, need some input on a single wide. The credit union doesn't finance them. But will a VA loan be appropriate? :?: The single wide was built in 2000, on permanent foundation( which means axels removed and secured on the ground, on concrete pad), on over 1 acre land, well on the property,many extras. Huge garage .
Thank you in advance for any advice.

Like | Dislike | Share | Posted: Sat, 01/26/2013 - 16:41 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have d credit and was wondering how to get in touch with the lenders that may be able to help me to get a mobile home??

Like | Dislike | Share | Posted: Sun, 01/27/2013 - 10:02 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bostanmotan,

A query similar to yours has been answered in the given page: http://www.mortgagefit.com/Mortgage-problems/The-credit-union-will-not-f... . Please take a look at it. I hope it will help you.

Hi Patrick,

With a bad credit, you won’t be able to get a mortgage for any kind of homes. You should improve your scores and then look out for a loan. You can check out the given page for the same: http://www.mortgagefit.com/credit-rating/credit-repair.html .

Thanks

Like | Dislike | Share | Posted: Sun, 01/27/2013 - 23:26 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi josh,

It is true that with a credit score of 591, it will be difficult for you to get qualified for any kind of loan. But if you have a co-signer with good credit scores, then the lender normally gives the loan. I will suggest you to get in touch with other lenders and check out if they can help you with a loan.

Like | Dislike | Share | Posted: Sun, 03/10/2013 - 23:05 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tiggsy,

Unless you get the inheritance, you won't be able to sign it over to buy a mobile home.

Thanks

Like | Dislike | Share | Posted: Mon, 03/18/2013 - 01:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How can I finance purchase of 1996 single wide on 4 acres?

Like | Dislike | Share | Posted: Tue, 09/11/2012 - 04:53 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I also agree with you that the loan must be taken in order to purchase or refinance only a manufactured home with the lot/land being owned by the borrower, the home and the lot on which it is situated, or only the lot on which the mobile home (already owned by the borrower) will be installed.

Like | Dislike | Share | Posted: Wed, 09/12/2012 - 05:36 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Doug,

You can contact the local lenders or the credit unions (if you're a member of any one) and apply for a loan. If you meet all the required criteria of the lender, then you will be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Like | Dislike | Share | Posted: Wed, 09/12/2012 - 23:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The seller is asking 18,900. I want to offer him less then this, say 15,000. I can get a personal loan, no problem. When they hear it is for a Mobile Home they say, NO. What can I do. Where can I go to get a loan for this Mobile Home? It is in Great Shape, inside and out. Thank You Ed Randolph

Like | Dislike | Share | Posted: Wed, 06/13/2012 - 16:20 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Randolph!

Welcome to forums!

You will have to contact lenders who mainly provide loans for mobile homes. They might help you in this process. This community has a large number of lenders. You can seek a no obligation free mortgage quote and check out if they can help you with a loan.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 06/14/2012 - 01:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Where can I go to find information on lenders that will do a home equity line of credit on a mobile home?? It was built in '98...2000 square ft....on 1 acre of land in Texas. Land and home are paid for and I have excellent credit. Thanks for any help!!

Like | Dislike | Share | Posted: Thu, 06/14/2012 - 05:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I are looking to buy a manufactured home to put on on own land. Our credit scores are low, his 555 mine 625. We make about 70000 a year. Is there any hope for us? Im begining to feel like there isnt.

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lucie.c.elliott's picture
lucie.c.elliott | Joined: July 6, 2012 10:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Marlene we lend on manufactured homes. If you cannot qualify without your husbands income, we can always run a credit simulator to improve his scores.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jlemons,

You will have to contact the local lenders and check out if they offer loans on mobile homes. Not all lenders lend money for mobile homes. This community has large number of lenders. You can seek a no obligation free mortgage quote from them and check out what type of rates and terms you may qualify for.

Thanks

Like | Dislike | Share | Posted: Fri, 06/15/2012 - 00:22 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was wanting to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my mobile home but can't find anyone to do it because the land is in my dad's name. We also filed bankruptcy 3 years ago but reaffirmed our car and trailor. My credit score is 749 and my husband is a about 710. Do you know of a place that could help me??

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jules!

Welcome to forums!

You will have to transfer the land in your name. You can ask your father to sign a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] in order to transfer the property to you. After a bankruptcy discharge, you will have to wait for around 4 years to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Do they make a loan for purchasing a mobile home and putting it on my parents' land which is still owned by the bank? My parents own a poultry farm that is not paid off for 9 more years. My husband and I want to buy a mobile home, put it on their land, and then sell it to them in 9 years so they can house workers in it. We got aproved for 3.75% interest on a house loan. Do you know how much more a mobile home loan interest would be? Thanks!!

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Sharon,

You may get a mobile home loan. Interest rates on mobile home loans are not different as such. You will have to contact the local mobile home loan lenders and take their opinion in this regard.

Like | Dislike | Share | Posted: Wed, 06/20/2012 - 00:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

our home and property is worth approx. $ 200,000.00 The balance owing on our loan is approx. $ 36000.00. Our credit rating is fair and we;'ve never missed a payment on the loan. Is it possible for us to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] at a lower rate.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymous!

Welcome to forums!

As far as I can understand, you have equity in your property. In such a situation, if you meet all the other required criteria of the lender, then you will be able to refinance the mortgage.

Feel free to ask if you’ve further queries.

Sussane

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome elhc,

You can use a land as a collateral in order to get a loan. However, with a bad credit you won't be able to qualify for any kind of credit. You will have to improve your credit and then apply for a loan. To know all about improving your scores, check out: http://www.mortgagefit.com/credit-rating/credit-repair.html .

Like | Dislike | Share | Posted: Wed, 06/27/2012 - 00:09 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What mortgage companies for bad credit are they fir mobile homes for collateral of land deeds

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i am 3 1/2 years in to my banckruptcy, i own my land and mobil home but need improvement how do i get a loan to do so while in bankruptcy

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi darrell,

If you're in bankruptcy, then you won't be able to qualify for a loan now. You will have to for 2-4 years after your bankruptcy discharge and then qualify for a mortgage.

Thanks

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