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Top 20 Mobile home loan FAQs

Posted on: 09th Apr, 2012 05:58 am




have a different query? ask the community?


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.


related scenarios
are they similar - mobile, manufactured or modular home?


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.


related scenarios
manufactured home with land as collateral


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.


related scenarios
moving a mobile home from my property


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.


related scenarios
want to rent mobile home


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.


related scenarios
personal loan on mobile home


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).


related scenarios
is it possible to get mobile home loans without land?


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.



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.


related scenarios
title 1 loan program


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.


related scenarios
203k loan on manufactured homes


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.


related scenarios
can i get 100%25 financing on mobile home?


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.


related scenarios
reverse mortgage for mobile home in park


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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related scenarios
manufactured home loan for the self-employed


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.


related scenarios
loan after bankruptcy


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.


related scenarios
chattel mortgage


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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related scenarios
refinancing without foundation


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.


related scenarios
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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.


related scenarios
eligibility criteria for mobile home refinance loan


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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related scenarios
refinancing while on disability


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.


related scenarios
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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.


related scenarios
mobile home repossession
what happens if mobile home is repossessed?

They can always get a foundation added with their purchase loan.
Posted on: 18th Sep, 2012 09:24 am
Are there credit unions or banks who will finance a manufactured home on a Mobile Home lot? Just how do people purchase these?
Posted on: 08th Feb, 2013 09:17 am
Hi Lani,

If you are a member of the credit union, then you will be able to get a mortgage for your manufactured home from there. Apart from that, you can contact the local lenders and check out if they can assist you in getting a mortgage for a manufactured home.

Thanks
Posted on: 10th Feb, 2013 09:51 pm
I have a owner financed 1974 double wide, I have done work and hate to lose it. I haven't had much luck getting financing. May first I will need 60,000, to get that from my 403b would cost me 22% in fed and state tax. Any advice? Ca. Art
Posted on: 16th Feb, 2013 09:05 pm
Hi AMORALES,

You can contact the private lenders and check out if they can help you in getting a mortgage for the property. But you should also note here that private lenders may charge you a high interest rate.

Thanks
Posted on: 17th Feb, 2013 10:29 pm
Are there any government programs for senior in mobile home parks that do not own the land there home is on these are the most effected
people in the country on fixed in comes and if they are up side down what can they do please help.
Posted on: 18th Mar, 2013 12:16 am
Posted on: 18th Mar, 2013 10:19 pm
I want to purchase a 14 acre property with 2 mobile homes that are not on a foundation. Does anyone know who does these loans?
Posted on: 18th Jun, 2013 01:59 pm
Hi Jessie,

You may have to look out for lenders who offer personal property loans. It may not be possible for you to qualify for FHA or conventional loans as the mobile homes are not on foundation.

Thanks
Posted on: 18th Jun, 2013 10:24 pm
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