If you are trying to get a loan for a home, not just any home but a mobile home, you could be surprised to find out that there are some sort of financing options for you to be had.
Apart from the financing that will also depend on your credit score, getting a home loan for a mobile abode will also depend on the type of property you got. A good example of someone who sensually owns a mobile home would be in a place to call your own. That is, at least you own a piece of land to park your home at. Otherwise, your chance of getting a loan for such a home will be slim.
Bank lenders may think it risky if someone who intends to get a loan for a mobile home is just getting a "space rent," although you can still try to apply as there has been incidences where they were able to manage some few exceptions.
Other financing options is if you want to have a pre-fabricated manufactured home.
This option of having a manufactured home has its own guidelines in terms of how you could get some financing for it.
According to the Federal Housing Administration, the four guidelines to be approved of loans for such houses includes the following:
-That the place should not a flood zone ground.
-That the home structure must not have been moved previously.
-That the house must have been built after 1976
-that no matter what down payment you have to pay, your mortgage insurance and impound tax insurance should still apply.
Modular Prefabricated homes should have a strong ground foundation.
If you are planning to get a loan for mobile home or modular pre-fabricated home, just make sure that you do not have any undisclosed details to your lender and also make sure that you have been pre-approved. Otherwise, it will just be a pain if things will go awry in the future because of un-disclosures.
