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Manufactured homes have advanced a long way since their “trailer” days. These low-cost, factory-built homes offer more quality and style than ever before. New homeowners can literally customize the design of their homes with a seemingly endless list of options.

Over 22 million people across the nation have chose to make a manufactured home their home of choice, and by the time you finish reading this article, you may make the same decision.

A lot of national mobile home lender have mobile home loan programs available that offer financing to qualified applicants to buy a new or used mobile home, or, to refinance an existing mobile home. Mobile home loans that are offered up for homes that are on rented land such as a park are called “chattel mortgages” and mobile homes that are situated on their own land and the lender is financing both the mobile home and the land together is a real estate mortgage. Mobile home interest rates are commonly higher and loan terms shorter for chattel mortgages because the lender isn’t securing the real estate with the mobile home.

Typical mobile home lender financing guidelines to keep in mind:

* Down payments as low as 5% for mobile homes that are in mobile home park’s is available.

* Generally 3 years of employment is required.

* Minimum credit scores of 600 and above, conceivable exceptions available for buying new mobile homes and a cash down payment of 40% or more.

* Debt ratio’s commonly cannot exceed 45% for all debts and 34% for housing, this includes the lot rent if the mobile home is in a mobile home park.

* Mobile homes must be built to HUD standards.

* Loan terms up to 240 months for used mobile homes and 300 months for new mobile homes.

* Secondary or Vacation home loan plans are available, although mobile home lenders will require a down payment of 20%

* A mobile home lender will calculate the value of the mobile home by using a book value or an appraisal.SJA

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