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Mobile home manufacturers have recently gone to great lengths to make them seem more like traditional, site-built houses. While a mobile home may look like a traditional house, it may not finance like one. Financing mobile homes is becoming increasingly difficult because lenders usually prefer to service traditional housing loans.
· ”The majority of the 183,000 households living in mobile manufactured homes, through government policy change, have the potential of being locked out of accessing the equity in their homes through traditional bank and credit union channels,” said Dustan Woodhouse, a DLC Mortgage Experts broker based outside of Coquitlam, B.C.
Financing your manufactured home. FHA loans, plus financing from USDA and VA, are other avenues to finance a manufactured home. Personal loans can work, too. What’s available to you depends on your eligibility as a borrower, the type and age of the structure, and whether it’s considered real or.
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Financing a home of any kind can be a difficult experience for those with poor credit. In a difficult economy, lenders want to be sure they aren’t taking any major chances when giving out loans.
– It is sometimes difficult to get the bank to finance a used mobile home if it is cheaper than $10-$20K . I ended up buying a run-down, mobile home I found online using my own money, but I wish there would there’d be an option for banks to finance mobile homes with a low interest loan/mortgage.
Is It Easier To Get a Manufactured Home Loan with Land. Manufactured homes are (wrongly) considered inferior to site-built homes. Since most lenders compare today’s manufactured homes with previous mobile homes or travel trailers, they remain hesitant to offer conventional mortgage financing typically set to be repaid in 30 years.
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Moreover, mobile homes are often considered movable – as opposed to real estate – making them eligible for more costly chattel loans rather than traditional mortgages. Limited Financing Options
Banks Mobile Home sales. great financing. Our banks and mortgage companies love 14′ and 16′ wides.. LOW, LOW monthly payments. How can we sell for so much less? 1. We own what we sell. No high interest to pay the bank on our inventory. 2. We own our sales lot. 3. You deal with the owners.
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