Mobile Home Loan
Mobile Home Loan is commonly offer by lenders in U.S. but the interest rate will higher than other mortgage loans. This is because the collateral life span of this house is lesser, depreciation is larger, lenders work on tight budget at this loan.
The loan term is probably 15 - 30 years, the loan options with fixed rate & floating rate.
Qualification Requirement By The Loan
1) Credit score of borrower must be good. For those with fair or bad credit is unlikely to obtain the loan.
2) Borrower must show to lender that he is under employed and have sufficient income to cover the repayment.
3) The mobile house must be occupy by borrower as a permanent residence. The house can't be lease, the objective of this loan is strictly for residential purpose only.
4) Sufficient fund to pay 5% as down payment from the loan amount.
5) The installation house on site must be proper. the demarcation and position of the house may be review by the lender prior to approve the loan.
6) Basic utilities such like power, water & sanitation must have in mobile house.
As usual mortgage loans, there are two options of the loan to select. Which are fixed rate and flex rate, the interest of the fixed rate option will remain the same for the whole tenure of the loan. While the flex rate's interest will be change according to market rate.
The mode of payment can be in auto debit monthly, if borrower wish to. Just make an auto payment agreement with bank and lender, they will debit the monthly installment amount into borrower's banking account.
For more mobile loan information, please check out
Mobile Home Equity Loan instead of Mobile Home Loan
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