How long can I get a mobile home mortgage?
Renting & Real Estate
wink asked:
I’m getting a divorce and eventually moving out, and I don’t really want to throw money away on rent. I’m thinking of buying a mobile home (because they’re inexpensive) but was wondering if I can get a full 30-year mortgage on one, so I can keep my payments as low as possible? (And no mobile home jokes, ok??)
Caffeinated Content
I’m getting a divorce and eventually moving out, and I don’t really want to throw money away on rent. I’m thinking of buying a mobile home (because they’re inexpensive) but was wondering if I can get a full 30-year mortgage on one, so I can keep my payments as low as possible? (And no mobile home jokes, ok??)
Caffeinated Content
September 20th, 2008 at 10:45 am
A mobile home, unless permanently afixed to a foundation, is considered personal property. Therefore, they are not available for a mortgage. What you will be doing is taking out a personal property loan. Very few places offer these, so a lot of research is necessary. If you do, I would purchase a new one, and have the financing done on the spot.
September 23rd, 2008 at 6:46 pm
You can get a 30- or 40-year mortgage on a manufactured home, but not as easily as you can on a single-family detached residence (real house). For a mortgage, the home must be on a permanent foundation with land (no trailer parks). Unless you can qualify for an FHA loan with 3% down payment, a conventional mortgage will require anything from 10% to 20% down payment, depending on your qualifications (credit, income, assets, etc.)
Good luck!
Rick
September 24th, 2008 at 8:45 pm
A mobile home depreciates like an automobile so lenders will only lend for a period of time that corresponds to the economic life of the mobile.
What that means to you is that the age of the mobile home is important and the newer the home the longer the amortization period of the loan. The longer the amortization period the lower the monthly payments. It is unlikely you will get a 30 year amortization period on one - more than likely 10-15 years.
Lenders usually want a more substantial down payment than 5 or 10%.
If the mobile home is in a park you are still throwing money away on rent - pad rent.
If it is on its own property you will be better off borrowing money from the lenders because there is property involved and the mobile more than likely has been deregistered (make sure lawyer or REALTOR checks into this).
If you are considering a mobile in a park, look into a townhouse, lower monthly maintenance fees, lower down payment.
Good luck!
September 26th, 2008 at 1:34 pm
Yes You Can get a federally insured mortgage for 30years I do them - email me