Mobile Home Loans – a Few Options

If you are looking to purchase mobile homes, and are thinking about taking out a mobile home loan, then there are few things you will want to take into consideration before you decide how to make your purchase. Generally, these decisions will affect which type of financing options will be available to you, so make sure your review them before you speak with your bank and sign any paperwork.

First, you need to decide if you are going to rent the land upon which the home will sit, or if you are going to own the land. Second, you need to decide on if you are going to leave the wheels attached to the home or if you plan on removing them and resting it on top of a more sturdy foundation. Both of these decisions will affect which type of home loan you can take out.

If you decide to go the more ‘mobile’ route, leaving the wheels on and renting the space, then you will not be able to qualify for a traditional loan on the mobile home. Instead, you will be forced to take out what is called a ‘personal property loan’. Of course, the property loan isn’t necessarily bad – but it will cost more than if you were able to arrange for and secure a traditional loan. As such, you may want to consider purchasing the land/property and taking off the wheels–as long as you plan on staying for a little bit of time.

In summary, make sure you weight both the decisions before you take out and finalize your mobile home loan. Remember, mobile home loans are much more difficult to get if you are not a more permenant member of the community in which you reside, so try to get to that point as soon as possible.