Mobile Home Loan (mobile Home Park Loans, Mobile Home Mortgage Loans)
For all those new to the concept of Mobile homes
, they are a makeshift arrangement that are constructed in companies and as the name suggests they can be carried to the work site and fixed on the ground. Generally, work sites are located in rural and suburbs which do not have office chambers as such. These work sites are known as home parks in United Kingdom and United States of America. They are portable by semi trucks. Not merely assisting in catering to the professional needs, they also give a new dimension to the concept of motorized highway travel. These loans help make your life a journey a great comfort in truest sense. They play a vital role in providing shelters to the families who do not wish to expend much on accommodation. Furthermore, they are also a great help for those who love adventure and crave to lead a different life. The good news is if you too wish to have a home for your self but due to monetary reasons which have kept you from getting one for yourself, there is nothing to worry about anymore. Today, they assist you in buying both the park and the home for yourself. The only thing to be kept in mind is not to get confused with the eligibility criteria of traditional home loans and these loans. The construction standard of needs to be in tune with the proposed norms of HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. These criteria are a must for attaining the mobile park load. Mobile home mortgage loans are regarded as chattel mortgages. To put in simple words, they are loans given for movable property rather than real property. So it is the mobile home which plays a central role and not the land