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Mobile Home Lenders

Mobile Home Financing Options

When you are considering a home purchase, one of the options, if you are low on money is to purchase a mobile home. Securing mobile home financing can be a difficult thing to do, However, there are lenders who are willing to provide mobile home financing.

Mobile Home Loan or Mobile Home Mortgage

You will consider your mobile home a home. The loan which you receive may not be considered a mortgage, therefor you may not be entitled to the tax benefits that standard mortgages receive.

Most bankers and lenders consider mobile home financing as risky business and will not give out longer term loans for the purchase of mobile homes. The value of mobile homes will likely depreciate in value compared to a conventional built home. With this in mind, lenders who offer mobile home financing will increase the interest rate and will not want to lend for more than 15 years.

Lenders will also consider your reason for purchasing a mobile home instead of a traditional home, is that the person usually dose not have the financial means to purchase a stick built home. So this adds to the risk involved for the lender.

Despite the hassle that mobile home buyers may receive from lenders about their home choice, some lenders do welcome people who choose these convenient and fast home options. Many of them are starting to treat mobile home financing like mortgages. Allowing mobile home buyers the common 5% down payment option with 20 plus years to pay off the loan. This is a huge change from the usual 20 percent down payment and short 15 and less repayment term.

One of the simplest methods to receiving the best terms, rates, and tax benefits is to own the land where your mobile home will be placed. While it may still be tough to find quality mobile home financing, it is possible. Don’t give up and keep looking.

We will try to give you a couple links on this web site. SJA


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