Saturday, March 28, 2009

Mobile Home Loan...for your dream home.

Are you looking for a home other then a usual home built on a specific site or fixed site and planning to cut cost on home then you are definitely looking for a Mobile home or manufactured home.

Mobile homes are usually built in factories and then taken to the specific place where it will be placed or laid the foundation.It might be a temporary or permanent foundation as per requirement.Tractors and trailers are used for transportation of this homes which are mostly in high density and rural area.This houses are used mostly for campsites or temporary accommodation in some countries.

Financing for a Mobile (Manufactured) home.
Sometime it might look hard to find a mobile home loan because most of the banks won't provide finance for manufactured homes as it does not include any land.But still there are some companies specialized in financing for mobile home and can provide finance for mobile home.

Eligibility criteria to qualify for a mobile home loan proposed by HUD:

1.The borrower must be able to the pay the minimum downpayment required i.e 5 percent.

2.He will have to show an adequate income so that will be able to repay the
loan and can also meet his personnel requirement.

3.His intention should be to use mobile home as his principal residence.

4.He should posses a suitable place to lay the foundation of the manufactured home it can be a manufactured home park on rent or an site owned by an individual or leased.

A Manufactured home which is eligible must have:

1.The Safety standards of National manufactured home construction.

2.Manufacturer's warranty of 1 year of a newly manufactured home.

3.Must be placed on a site that fulfills the established local standards for the suitability of site and has sufficient sewage disposal facilities and water supply.

However furniture are not included in manufactured home loan except wall to wall carpeting.

So if you qualify for this you can easily fulfill your dreams of having a mobile home at a much affordable rate.

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