Mobile Home Mortgage Lending

Loans offered for the purchase of manufactured homes are of two types namely personal property loans and mobile mortgage loans. While mobile mortgage loans are offered both for the purchase of land and homes, personal property loans are offered by home sellers, even if the home had to be fixed on a rented lot.

Getting to know Mobile Home Mortgage Lender

Where you intend to take a loan for the purchase of manufactured homes all you need to do is approach your nearby banks, mortgage companies, credit unions and lenders. Before that you could proceed with the loan process it is important that you get a good faith estimate from your lender company to get the right estimation about the cost of loan to be borrowed.

Loan processing involves a list of fees such as application fee, credit report fee, origination fee, document preparation fee and processing fee. All these are in addition to the major cost of interest on the loan borrowed.

Mortgage loans cost you a little lesser than personal property loans, due to the collateral security attached to it. The difference in loan interest rates is around 2 to 3%. Remember every lender will take a minimum of 10 % towards down payment.

Before you are all set to obtain a loan on your mobile home, make sure the manufactured home you intend to own qualifies for the loan transaction you find suitable to proceed with. The most important of all requirements is that your home should be manufactured in line with the specifications given under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974 and prescribed by HUD.

Mortgage lenders offer different home loan programs such as low down payment loans, conventional loans, construction loans, bad credit mobile home loans and other state and federal loans.

These Mobile Home Mortgage Lenders are known for their excellent customer service. They offer to help the customer’s right from the stage of searching for a suitable home until owning one with the right home loan scheme. The services of a mortgage lender are really helpful while making a home loan decision.