Comments on: How long can I get a mobile home mortgage?

By: joniannuzzi

joniannuzzi — Thu, 08 Jan 2009 00:15:10 +0000

Yes You Can get a federally insured mortgage for 30years I do them - email me

By: glen s

glen s — Mon, 05 Jan 2009 02:13:18 +0000

A mobile home depreciates like an automobile so lenders will only lend for a period of time that corresponds to the economic life of the mobile.

What that means to you is that the age of the mobile home is important and the newer the home the longer the amortization period of the loan. The longer the amortization period the lower the monthly payments. It is unlikely you will get a 30 year amortization period on one - more than likely 10-15 years.

Lenders usually want a more substantial down payment than 5 or 10%.

If the mobile home is in a park you are still throwing money away on rent - pad rent.

If it is on its own property you will be better off borrowing money from the lenders because there is property involved and the mobile more than likely has been deregistered (make sure lawyer or REALTOR checks into this).

If you are considering a mobile in a park, look into a townhouse, lower monthly maintenance fees, lower down payment.

Good luck!

By: Rick

Rick — Sat, 03 Jan 2009 11:58:51 +0000

You can get a 30- or 40-year mortgage on a manufactured home, but not as easily as you can on a single-family detached residence (real house). For a mortgage, the home must be on a permanent foundation with land (no trailer parks). Unless you can qualify for an FHA loan with 3% down payment, a conventional mortgage will require anything from 10% to 20% down payment, depending on your qualifications (credit, income, assets, etc.)

Good luck!

Rick

By: bwitchd4real

bwitchd4real — Thu, 01 Jan 2009 03:41:37 +0000

A mobile home, unless permanently afixed to a foundation, is considered personal property. Therefore, they are not available for a mortgage. What you will be doing is taking out a personal property loan. Very few places offer these, so a lot of research is necessary. If you do, I would purchase a new one, and have the financing done on the spot.