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What to Consider with a Mobile Home Mortgage

Know the Basics

What is a Mobile Home?

Mobile homes are also known as manufactured homes and are specifically built to the U.S. Department of Housing and Urban Development or HUD code of Manufactured Home Construction and Safety Standards. You have the option of getting mobile home mortgages when purchasing one of these homes.

There are a variety of mobile home lenders so it is important to check each option thoroughly and find one that meets your financial needs. No doubt you will have several questions about mobile homes before you consider buying one, such as which alterations can be made and whether or not you can relocate your mobile home.

Answering Mobile Home Questions

Making Alterations

Both the retailer and the buyer are allowed to make alterations to mobile homes as long as they meet and comply with the HUD code. Should a change be made that violates the code then a mobile home cannot be sold. The next question that needs to be considered is if you can relocate your mobile home.

Relocating

Before considering mobile home mortgage loans there is one other question you need to consider and that is the option of relocating a mobile home. Relocation of a mobile home is allowed, but before doing so you should check with the appropriate authorities about specific zoning regulations. Each state may have different zoning and transportation laws for mobile homes. Now that the general mobile home information is covered you are now ready to look into financing options for your mobile home and the various mobile home mortgage lenders you have to choose from.

How to Finance Your Mobile Home

Financing Options

There is an increasing number of mobile home mortgage loans to choose from. In addition, there is an increasing number of mobile home mortgage lenders to choose from with everything from conventional lenders to government loans for those looking to purchase a mobile home. Many mobile home mortgage lenders may require the home to be on an approved foundation before allowing individuals to sign a long-term mortgage. The government offers mobile home mortgages through three agencies including the Federal Housing Administration (FHA), the Rural Housing Services (RHS) and the Veterans Administration (VA). The main option is to use the FHA as your source for mobile home mortgage loans.

Continue to: Mobile Home Mortgage Options