Mobile homes refer to those homes that are built and assembled in a factory and delivered rather than constructed on-site. A mobile home loan can help you purchase your very own mobile home.
You can either find the perfect home first and then apply for a mobile home loan, or you can get pre-approved for a mobile home from a lender and thus have more negotiating power as you search for the perfect mobile home. A pre-approved loan can show sellers that you are serious about buying and have the means of financing your purchase.
Here are some factors that will have an impact on your eligibility for mobile home loans:
Just as with other types of loans, your eligibility for a mobile home loan will be determined by your credit rating. If you have a high Fico score of above 700 you will be eligible for low interest mobile home loans, however if your Fico score is below 600 you may be limited in your mobile home loan options. You can determine your credit standings by requesting a copy of your credit report from one of the following credit reporting bureau:
- Experian
- Equifax
- TransUnion
Also a lender may take into account your ability to pay the monthly payments on the mobile home loan. This will include looking at your earnings, expenses and your debt to equity ratio.
Before getting a mobile home loan, there are certain things you can do. Be sure to shop around to secure the best deals on mobile home loans. You can take your search online or on-site to a lender’s office.
More and more people are now applying for mobile home loans. Therefore you will have the option of choosing from a wide variety of lenders. Also as lenders compete you may be eligible to find very low rates on your mobile home loan.
A mobile home loan may also need to finance land purchase or land rental fee. The mobile home is usually set up in a trailer park or may be set up on private land.
Besides mobile home loans, you may also be eligible for mobile home improvement loans to fix up the home.