Facts And Benefits Of Financing A Mobile Home

If you’re considering purchasing a manufactured home over another option then it may be comforting to know that there is already more than 17 million Americans now living in this type of house. In fact, manufactured homes represent over 20% of all new homes sold in this country. It is becoming increasingly popular because of the high quality, the affordability, and the availability of this type of housing. Here we’ll take a look at the facts and benefits of financing a mobile home.

Getting Mortgage Loans For Manufactured Homes

It is a quite common concern for those considering purchasing a manufactured home that they may not be able to get a mortgage for it. When manufactured or mobile homes were first introduced to the market they were quite different than they are now. For that reason, some people might have experienced difficulties a few decades ago in getting a mortgage because some of those mobile homes we’re not considered real estate.

It is now possible to get a mortgage or other types of loans for your manufactured home even though in some cases, it might be a bit different than when getting a mortgage on a stick-built house. A good place to start would be to check mortgages on your manufactured home through organizations such as Freddie Mac and Fannie Mae. There are also FHA loans that are available as well as getting financing through the USDA if you’re going to be putting a manufactured home in a rural area and if you’re a veteran then you may consider going to the VA.

In addition to those choices, there are also others such as personal loans that might work. The fact is that getting a mortgage on a manufactured home will depend on each person’s individual situation much in the same way it does with a traditional mortgage or with other types of loans. Your eligibility will depend on your specifics as a borrower. Other factors that are important include the particular type of manufactured home that you’re wanting to purchase as well as its age.