Manufactured Home Loans
Manufactured Home Loans generally are made by private lenders such financial companies or banks. It can be easily found at multiple states. It's specially designed for veterans.
Manufactured home are movable property, it also known as mobile home. Almost 1/3 homes in U.S. are manufactured homes, it's cheaper than ordinary homes. And this is one of the reason peoples prefer to own these houses.
When apply for the loan, veteran will require to provide the the Certificate of Eligibility from VA Eligibility Center. Below are the laws required to obtain the loan :
1) An eligible veteran who has available home loan entitlement.
2) Buyer is required to stay or occupy the home within a reasonable period after closing of the loan.
3) Good credit record of borrower is required.
4) Must have sufficient income to cover the repayment. Spouse income also can consider same manner as veteran.
5) The loan must be for eligible purpose.
The limit of the loan is 95% of the property, included the all closing cost. Finding the right lender is the process of getting this financial assistance, so spending much times to surf online.
The interest rate of these loans are higher than ordinary mortgage loans. For past ten years, these loans have been financed as personal property resulting in personal loans that always required for down payment (probably around 10%-15%). the term of loan is normally 10 to 15 years.
One of the obvious different between conventional home and mobile home is the mobile home is movable property, it will treat as car or other vehicles for loan purposes.
Although the interest rate is higher than ordinary home loan, but placing a larger amount as deposit might gain a chance to lower down the interest rate.
For other loan types, please check out
Home Loans instead of Manufactured Home Loans
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