Posted on: 26th Nov, 2007 04:19 am
Hi,
I am planning to buy a Mobile Home as my budget is small but I would like to own a home as I am fed up of paying rent month after month. Does any one know about companies which provide loans against Mobile Homes? If yes then what are the options and is there any other relevant information which I should need? Thanks in advance!
I am planning to buy a Mobile Home as my budget is small but I would like to own a home as I am fed up of paying rent month after month. Does any one know about companies which provide loans against Mobile Homes? If yes then what are the options and is there any other relevant information which I should need? Thanks in advance!
Hello Donald,
You may qualify for the Title I program insured by FHA, in order to purchase a mobile home. You may purchase the home along with the lot or either the home or the lot with this loan. The maximum loan amount is $48,600 for the mobile home only, $16,200 for the lot only and $64,800 for both the home and the lot. The loan amount will be granted according to your credit history and your ability to repay. But the home has to be used as your principal residence.
You may qualify for the Title I program insured by FHA, in order to purchase a mobile home. You may purchase the home along with the lot or either the home or the lot with this loan. The maximum loan amount is $48,600 for the mobile home only, $16,200 for the lot only and $64,800 for both the home and the lot. The loan amount will be granted according to your credit history and your ability to repay. But the home has to be used as your principal residence.
Hi Donald,
Welcome to this forum.
There are quit a few options are available for you to get a mobile home loan. Most lenders does not approve loan against mobile home if the mobile home is without permanent foundation. You can think about government sponsored agencies like Freddie Mac and Fannie Mae for mobile home loan. You can also consider non-conforming loans or jumbo loans. Apart from these, you can go for VA loans.
Hope this will help you. Feel free to ask if you have further questions.
Thanks,
Larry
Welcome to this forum.
There are quit a few options are available for you to get a mobile home loan. Most lenders does not approve loan against mobile home if the mobile home is without permanent foundation. You can think about government sponsored agencies like Freddie Mac and Fannie Mae for mobile home loan. You can also consider non-conforming loans or jumbo loans. Apart from these, you can go for VA loans.
Hope this will help you. Feel free to ask if you have further questions.
Thanks,
Larry
It is really a good idea to have your own home than paying the rent every month! I would recommend you to visit "www.mortgagepmi.com" which would be able to dwell more on the subject as I found it quite useful when I needed detailed information about Private Mortgage Insurance. I am sure you will be benefited by the information the site provides. Happy Holidays!
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