Can I get a loan for a mobile home? Scott Sheldon, Credit.com Published 8:46 a.m. ET Jan. 23, 2016 You may be surprised to learn there are financing options available for mobile homes.
Financing a Modular Home. If you use a loan to pay for the home, you secure the funds with a mortgage. When you build a home, you make periodic payments as work is completed. This process protects you and your lender should something prevent the builder, in this case the dealer and the GC, from completing the home.
Several government-backed loan programs can make borrowing for a manufactured home more affordable. Assuming you meet the criteria to qualify for those programs, you can borrow from mortgage lenders who get a repayment guarantee from the U.S. government-if you don’t repay the loan, the government will step in and pay the lender.
NOTICE: All Reverse Mortgage is now accepting applications on manufactured homes. Now for the longer answer. As with any prospective borrower, you must be aged 62 or older, you must legally own the home, it must be your primary residence, and you must be eligible for participation in Federal Housing Administration programs.
A bank may offer traditional mortgage financing for a manufactured home if you need funds to purchase both the home and the land. But if you’re renting the lot and only need financing for the home, your only option may be a chattel loan, which is a personal property loan that can be used to purchase a manufactured home.
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You can purchase modular or manufactured homes with a VA-backed mortgage. Manufactured home VA loans are simplest to obtain when used to purchase manufactured homes that will be permanently affixed to a lot and that are considered to be real estate.
I can not seem to find a mortgage company willing to finance a mobile home as an investment property.. Anyone how to finance a mobile home investment property? Newest Posts . Newest Posts. What year was it manufactured? Do you own the land or do you rent your space in a park? What state is the mobile home in? These are a few questions.
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