Fast Facts About Mobile Home Loans
There are more and more people who are living mobile and going for mobile homes. Mobile homes fall under the real estate category. So, if you need some money for your mobile home, you can actually get mobile home loans. The companies that offer real estate loans are also the ones who are expected to provide these mobile home loans. However, there are slight differences when it comes to the requirements that you need when you apply for a mobile home loan versus when you apply for a regular home loan.
One of the things that you should know about mobile home loans is that they are provided by a number of companies. In terms of requirements, some mobile home lenders require the mobile home to be fixed to the ground first before the approve the mobile home loan application of the owner. This means that the hitches, axles, and wheels must be removed from the home. These are what you call foundation requirements. A lot of mobile home lenders have this requirement for their mobile home loans so that they can be assured of the property or have some sort of fixedness on them. There are even some mobile home lenders that go as much as affixing their entire home to a concrete foundation. Again, a lot of these lenders are requiring this from their mobile home loan applicants. Check out these modular home loans or find the best mobile home lender.
If you are planning to get a mobile home loan, do know that there are two types of them. You have the mobile home loans that are given for the home itself. On the other hand, there are loans that cover both the mobile home as well as the land on which it stands. The first kind of mobile home loans will include the money used for the construction of the home as well as the costs involved in the building materials used. This first type of loan for mobile homes does not include the money for taxes and transportation charges though. Usually, this particular mobile home loan is being chosen by people who live in community parks comprised of mobile homes. These also include those who have mobile homes as their temporary arrangements. However, a lot of mobile home lenders take a lot of precautions for this kind of loan. As the name implies, mobile homes are movable. This means that there is less security on the part of the mobile home lenders if they will have money lent to these mobile home owners. This is one of the reasons why most mobile home lenders will only approve of your mobile home loan if it includes the land. This is the second type of mobile home loan. You can read more on this here: https://www.huffingtonpost.com/entry/8-tips-for-buying-your-first-home_us_595d59bce4b08f5c97d066cf.