Used Mobile Home Loans

This article will discuss used mobile home loans.

Once you have found a manufactured house, now you must consider how you will finance it.

There are specialty mortgage companies that fund the purchase of new and used mobiles. It would be an excellent idea to research for companies prior to shopping for a home. That way you can find out what the down payment and closing prices will be.

Also, be aware that interest rates on manufactured mortgages are often much higher than those of brick and morter homes. Usually around 2-5% higher. This is due to the extremely high default (foreclosure) rates of these type homes.

Closing costs can be expected to be about 3-5% of the purchase price. So if the mortgage amount is 50,000 then the closing would be between $1500-2500 in addition to your down payment. A 10% down payment would be $5000. So your grand totals would be between $6500 and $7500 out of pocket to buy a $50000 house. This is just a rough example.

Are you considering a rent to own mobile homes? Be VERY careful when commiting to this kind of an agreement. Remember that the life of a mobile is not the same of a brick and mortor home and you do not want to commit to a price of a home for it only to depreciate more than your note value.

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