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Mobile home loans are a form of home loans
widely found these days. As the name implies, this loan is for mobile
homes that can be moved from one place to another.
There are two types of mobile home loans available, loans to buy a
mobile home with the land and loans to buy a mobile home without the
land. When the land does not come into consideration, the finance
institutions give a loan for mobile homes in parks, leased lots, family
land, or any situation where the home is not deeded as real property.
This sometimes includes people who buy manufactured houses and place it
on their land until they build another home later. |
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Such loans are considered to be high-risk
and many leading institutions have quit writing them completely. With
the loans of mobile homes with land, the land is naturally taken into
consideration for the amount of the loan. To get a mobile home loan of
either category, one needs to have a good to excellent credit rating.
The better the credit rating, the better is the chance of getting the
loan. Usually, financial institutions do not charge an application fee
for these loans. The only fee that may be asked is for one to pay the
appraisal.
Some financial institutions have mobile home foundation requirements
that have to be fulfilled in order for the loan to be granted on both
owned land or on mobile home parks. One of the requirements is that the
wheels, axles, and hitch of the mobile home have to be removed. Another
requirement is that the mobile home has to be permanently affixed to one
of the following foundations, either a poured concrete support column
installed below the frost line, or a poured concrete slab on grade with
a floating slab and concrete block piers installed below the frost line.
By.Kent Pinkerton
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