subject: Mobile Home Loans For Borrowers With A Bad Credit Score [print this page] If you are an individual who is looking to purchase a house, you probably already know that the process can be a bit complicated. Especially these days with the housing market in trouble, many individuals are looking to other options to fulfull their house hunting needs. Some of the alternate options for home ownership are mobile homes, and getting a mobile home loan seems to be an easy way to go. There has been an influx in the amount of people applying for these types of loans, and with the banks being reluctant to give out new home loans, it does make quite a bit of sense. If you are considering a manufactured home loan, there are some things that you will want to consider before you go out and apply for the loan.
The main thing to keep in mind when you are considering mobile home financing, is that this loan is not the same as a traditional home loan. The main difference between the two types of loans, is the fact that a mobile home is technically classified as a vehicle, as it is able to be moved from spot to spot. This will mean that you will have to finance both the property that you place the trailer on, and the trailer itself. In some cases, people will find that they do not want to purchase the lot where they place the home, and will choose to rent a lot in a mobile home park, and have the option to move the mobile home whenever they want to.
There are going to be mortgage companies that specialize in mobile home loans, and you will find that they have special programs designed for people with these needs. Traditional mortgage companies are not going to be ideal for financing the mobile home, but may be a good option for financing the land that you plan to place the home on. Most of these lenders are familiar with those borrowers who have bad credit, and generally will have an option in place that will work for those individuals. The biggest benefit to financing a mobile home, is the fact that you will not be required to make a large monthly payment like you would with a traditional house. The reason for this is basically that the mobile home is not going to cost nearly as much as a regular home.
Finding a lender to handle the financing of your mobile home is not as hard as you might think it would be. You always have the option of going to a mobile home seller directly, and they will have a select group of lenders that they work with exclusively. The other option is to find a lender on your own, after you have found the mobile home you want to purchase. You can also go to the lender before you pick out a new home, and they can give you an idea of how much you can afford to spend on a new home.
