Manufactured Housing LoanCredit Cards and LoansManufactured housing loan...this is not the easiest type of real estate loan to get. Getting a manufactured housing loan can sometimes be difficult or costly. That's because unlike other types of real estate loans, a factory built home can fairly easily be moved, leaving the mortgage holder in the lurch with nothing to secure the loan. In fact, the old term for factory built housing is "mobile home". For this reason, lenders tend to look at manufactured housing loan qualification more the way they would look at a car loan or other personal loan. The value of the manufactured home comes into play, but not in the same way as it does with a house that, while not truly any more mobile, nonetheless lacks that stigma associated with a "mobile home" in the eyes of the investor. In recent years there have been some changes in this industry however. The percentage of manufactured houses that are sited on land owned by the homeowner (rather than rented land) has been increasing. The credit worthiness of the average applicant for manufactured housing loans has increased as well, with many older people placing factory built homes on retirement property that they own. Whatever your situation, it is to your advantage to shop for the best possible financing for your manufactured home. Getting financing from the builder of the home, while convenient, will often come at a very high price. Also take care to obtain the land for your home first. It is best to purchase the land as this greatly improves the chances that you can get "ordinary" real estate financing for the home. Where this is not possible, the longer your lease on rented land, the better your chances for getting a low rate on your manufactured housing loan.
|
