Finance a mobile home
Financing a home is different from financing a mobile home. Any financial institution scan finance a mobile home but there are specific institutions that finances home and they are very few. Many mobile home builders, lenders and financial companies can help in the mobile home financing. Some sellers practice owner financing and seller financing. The affordability of mobile home is low and it is easier to get and own.
It does not matter if it’s a mobile home or home, what matters is you being a home owner and always have place to rest, eat and relax when need to. There are many different models of mobile homes, some with two people space, and some with a whole family and some with just one person mobile home. They are always beautiful and the prices are fractionated.
The more spacious and beautiful it becomes, the higher the prices. The average price for a single wide mobile home is always around forty-five thousand six hundred dollars according to the CFED while it is eighty-seven thousand seven and fifty dollars for a double wide mobile home. The problem people do have with the financing of mobile home is that they don’t know who finances it. Some of people that finances it are stated below;
The financial companies are the companies that help in financing a project, loan,business and investment. Some of the companies specialization on some assets while some finances virtually every form of assets. The financial companies helps in other form of financing like the corporate financing and personal financing.
The personal financing involves all assets needed by man while the corporate finance is the one that deal with the company’s investment, running of the company and business. When a financial company is to help in financing of mobile home, they provide someone with promissory note and loan agreement form which states the amount borrowed, the location of the borrower, the name of the borrower, the default and the date of returned.
The promissory note shows when the money would be returned and the amount borrowed in the financing of the mobile home. The interest charges in financial companies are high but they provide with convenience of loan unlike banks that have so many procedures and might still not get the loan from them. Banks are waste of time but the financial companies are there to help quickly in achieving the goals.
The federal housing administration can help in the insuring of the manufactured home and there are many lenders who would be interested in financing the home since it has being insured by the federal housing administration. They do not provide people with loan but only get to insured the property and provide the opportunity of vendors financing the property thereafter. In this, you would be required to make two types of mortgage insurance in which one goes to the lender and the other goes to the federal housing administration. The good thing in FHA loan is that they provide three types of loan in which are
- The home and not the land.
- The land alone excluding the home
- Both the home and land
No need to explain what bank is and what they do. But I will talk on their way of financing. The bank gives loan to people but it is not always as easy as many people think it should be. People always have problem with their financial charges and their ways of wasting people’s time.
READ: Lease financing
To be eligible for the filing of loan, a customer must have a good credit score of around 700. To get this your credit score, the credit card report would be checked. They do this for them to know how well you get money paid back when you buy things with the credit card and how much you have collected in the past years and how you have being able to get it paid.
It also gets easier if you have a good personal record with the bank but there is assurance that must be given to tell them you would pay back. Like getting a co-signer or guarantor.