Getting a Mobile Home Loan

Mobile homes can be an affordable housing option for many people, and getting a mobile home loan is not as difficult as it might seem.

When buying a mobile home, you have two options: buy new or buy pre-owned. While a new mobile home can be designed to your specifications, it can be much more expensive than buying a pre-owned model. Mobile homes that have been pre-owned normally come with substantial savings. However, you must be careful. Not every pre-owned home is a good bargain.

As with any pre-owned home, the most important thing to look for is structure. The quality of the build job will impact how long the home lasts and how many repairs you will have to make in the coming years. Check the windows, the roof, the flooring, and the walls. If possible, compare the structural integrity of the unit with several other mobile homes.

Here is a checklist to use when searching for potential problems in mobile homes:

• Are there any stains or signs of leaks on the walls and ceilings?
• Does the floor feel soft or sag when you step on it?
• Is the crawl space underneath the mobile home relatively dry?
• Are there any spaces or gaps around windows and joints?
• Do all windows and doors seal and close properly?
• Are there any problems with the plumbing or electrical system?
• Is the heating system well maintained and energy efficient?
• Is the skirting around the bottom of the mobile home solid and secure enough to prevent pipes from freezing in the winter?
• Is the roof in good shape?

When shopping for a mobile home, take the checklist with you. Make notes as you look around the home and be sure to ask the owner any questions that you have prior to putting down a deposit. If possible, consider hiring an experienced inspector to look over the home as well.

If you are like most people, you probably don't have the money saved to purchase a home outright. This is where mobile home financing comes in. You have two basic financing choices:

• Get financing from the mobile home dealer
• Get a loan from a traditional lender

While both options will pay for your home, the interest rates and lending terms can vary dramatically. This is why it is a good idea to shop around when getting a mobile home loan. If possible, you should get at least three different lending quotes prior to making any decisions.

Though getting a mobile home loan used to be difficult, it has become much easier over the last two decades. There are now many lenders who are willing to offer mobile home loans to those who need them. In fact, some lenders specialize in mobile home financing. Mobile home dealers have also made obtaining credit much easier. In many cases, you can get low interest rates and reasonable loan terms straight from the dealer.

If you are having a hard time finding a loan, you may want to check into the government programs that are available, such as the VA loan program and FHA Title I Loans. These programs can be a big help to anyone who is looking for mobile home financing.

Here are some other tips that will help you get a mobile home loan:

• Negotiate with the seller to get a low purchase price.
• Be sure to understand all the financing terms before signing any papers.
• Keep the term of the loan as short as possible. This will save you a great deal of money on your total loan.
• When getting a mobile home loan, take time to compare lenders, loan terms, interest rates, and lending fees.

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