Not everyone has the good fortune of having adequate funds to purchase a home outright and if you are someone that has limited funds but still wish to purchase a mobile home then it would be a good idea for you to consider looking at mobile home mortgage as a way out. Fortunately, there are different types of mobile home mortgages available including the FHA mobile home mortgage that is a cheaper as well as safer option.
Insures The Mobile Home Mortgage Loans
FHA or Federal Housing Administration is an organization that insures the mortgage loans which in turn assure that lenders do not lose their money whenever they extend a mobile home mortgage to borrowers. In fact, a FHA mobile home mortgage is also advantageous to borrowers because to avail of this type of mortgage loan they won’t need to put down a big down payment.
There are two different types of FHA mobile home mortgage loans to choose from with one being for those people that already are owners of land and who wish to add their mobile home to the land that they own. The other type of FHA mobile home mortgage is for those that wish to place their mobile homes in a park for mobile homes.
Even lenders that are planning to give out FHA mobile home mortgages need to follow a few steps to ensure that the right people are given the mortgage opportunity. Factors such as the borrower’s credit score, their income as well as repayment of debt ability will help decide whether or not you can obtain an FHA mobile home mortgage.
You can use the money obtained from the FHA mobile home mortgage to buy a lot of land on which to park your mobile home or you can use the money to buy a mobile home, or you can use the money for both purposes. However, the mobile home should be the borrower’s primary residence and the loan facility is subject to certain limits. A mobile home dealer will be able to get you started with the process of getting a FHA mobile home mortgage; if they cannot help, then you will need to ask them to give you a referral about lenders that do provide such mortgages.
Mobile home mortgage hotel loans are available in most states in the US. However, because of the current financial meltdown the mortgage rates are at their nadir and so, to avail of best rates it would be a good idea to deal with specialists that deal with home finance.