Getting A Mortgage For A Manufactured Home: The Basic Facts

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Most people tend to believe that they can not get mortgage for their manufactured or mobile home. In reality, however, there are a variety of financing options available. You have a mortgage payment and a deed you will receive when you finish your payment, the same as any other type of homeowner, you also have the same home loan options. If your current mortgage rate is higher than the current nationwide rates, or if your credit has improved since moving in, you most likely would save money, or even walk away with money, if you refinance your manufactured or mobile home.

Like any other , you are simply taking out a new loan, with better terms, rates, or both, and repaying your old loan in full. This will reduce your monthly mortgage payment. You can even refinance for more than you owe (but less than the home is worth) and walk out with that cash. Maybe you do not need to save money every month but you could get a loan with a shorter term and same payment as you have now. For most homes the true value is in the land.

Check with different lenders to see the terms and conditions for your particular state as it varies. Also, do not forget that you must pay closing costs. These can be paid upfront, or worked into your refinancing. You are better off paying them up front to avoid paying 30 years worth of interest fees on your closing costs. You will pay a lot more in the long run for these closing costs than if you paid them upfront. There are many ways to get your own home, and finding is one of them.</p>

<p>The mobile homes of yesterday are now more frequently called manufactured homes, and not only are they bigger, but also, many are better made than the original mobile homes made in the late 1960’s and 70’s. While this is important, it also means that manufactured home loans is one way to get started with your own home, especially if you find one that is a bit older. There are a few hard and fast rules for mobile home loans and you’ll want to make sure that your mobile home is current with these items.

Often, you’ll find mobile homes that were manufactured in the 70’s very inexpensively, and some are often offered for free. While this may sound like a good deal, you’ll never get financing on these types of homes, especially if they were manufactured before. This is because those homes are not up to code for safety wiring, so the gift horse, is not a gift at all if it’s dangerous to live in. So be sure your looking at a home that can get a loan before you move the home to your property.</p>

<p>This doesn’t mean you should be afraid of an older mobile, you’ll just want to know whether there are financial institutions manufactured home loans available for the make, year and model of home you’re looking at. You’ll also want to have someone check out the basic structure of the mobile home before you purchase, some will have dry rot throughout due to leaking walls, roofs and plumbing. The basic structure of the home can dictate whether you can move it to your property or to your mobile home park, no sense buying something that can’t be mobile in this situation.

Often, investing in mobile homes proves to be a better idea than investing in permanent homes. Mobile homes, which were quite similar to ‘trailers’ are basically a great investment opportunity in the post recession era. A mobile home is basically a prefabricated home, or rather a home, which is built or assembled in the factory and is then towed to the location where it is to be used. The towing is usually done by trucks or open top trailers. Anyway, as an investor, you, can always count on mobile homes as an excellent business opportunity.</p>

<p>The mobile home which is prefabricated in factories is considerably light in we
ight and can be towed to certain locations where it is set up as a permanent or temporary dwelling. The land underneath usually does not belong to the home owner but is leased or rather rented for use. In some cases however the land can also be owned by the owner or lessee of the mobile home. A mobile home park or a barren piece of land are usually used for the purpose. This is the most comprehensive set up that you can provide.

Buy a barren piece of land, develop it a little bit on your own. Then you can easily get a water and electricity connection and build a sewer system on your own. This way your trailer/mobile home park is ready. You can of course advertise about the park and keep on developing it further more, by planting lush green trees, providing free Internet facilities, etc. Mobile home owners would be able to use allocated spaces along with electricity and water connections. You can obtain a mortgage or secured loan to buy and develop the land.

Another great way is to have a tie up with a person who already owns some land or has a completely developed trailer/mobile home park. You can simply buy mobile homes and rent them out either directly to the park owner or to the people who want such a home. Partnering with a person in order to open up either a trailer/mobile home park or own mobile homes, is another great option. In fact with more people in the action, the loan amount that you would get, would be much bigger.</p>

A bigger loan amount means larger mobile home. In fact, in such a situation you can try to get as many mobile homes as possible, or you can even rent them or take them on lease. Now, in such a scenario, it’s better to get old mobile homes and then refurbish them, it costs less on the whole. The last option that you can use is being a dormant or sleeping partner, that is just pool in the money and enjoy the returns. However, many people still continue to call them mobile homes.

 

 

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