Manufactured homes have advanced quite a bit since their “trailer” days. These reasonably priced, factory-built homes offer a lot more quality and style than ever before.

New homeowners can virtually custom design their homes with the seemingly countless list of alternatives available. Over 22 million people today across the nation have decided to make a manufactured home their chosen lifestyle, and when you finish reading this post, you may possibly make a similarthe identical determination.

Several national mobile home lenders possess mobile home loan programs available that provide financing to qualified candidates to purchase a new or second hand mobile home, or, to re-finance an existing mobile home loan.

Mobile home loans which are offered for residences which are on leased property for instance a park are called “chattel mortgages” and mobile homes that are located on their own property and the loan company is funding both the mobile home and the land jointly is known as a real estatereal-estate mortgage. Interest rates are usually greater and loan terms smaller for chattel mortgages because the lender is not securing the real estate with the mobile home.

Standard mobile home loan guidelines to keep on your mind:

• Down payments as little as 5% for mobile homes that are in mobile home park’s is available.

• In general 3 years of employment is required.

• Minimal credit ratings of 600 and over, possible exceptions out there when purchasing brand new mobile homes and placing a cash deposit of 40% or more.

• Debt ratio’s usually can not surpass 45% for all debts and 34% for housing, including the lot rent if the mobile home is in a mobile home park.

• Mobile homes should be constructed to HUD standards.

• Loan terms up to 240 months for used mobile homes and 300 months for new homes.

• Secondary and Vacation home loan programs are available, although lenders will require a down payment of 20%

• A mobile home loan provider will calculate the worth of the mobile home by utilizing a publication value or an appraisal.

Wether you are interested in financing for a pre-pwned or new mobile home, be pateint, you’ll find it.  There are plenty of lenders who prefer not to finance mobile homes but there are many available that specialize in them, also.    Just keep shopping, the world wide web is a wonderful resource for locating the loan providers you need.