Mobile Home Loans
What Are Mobile Home Loans?
There are two types of homes for which you can obtain a loan - permanent and temporary. Permanent homes are either owned or rented by individuals and have a lasting base. Temporary homes are houses built on stilts. They are known as mobile or manufactured homes.
Advantages of Mobile Homes
Manufactured or mobile homes may or may not have a lasting base. These homes can be shifted anytime and established anywhere. Mobile homes have changed the face of housing business in America. They are flexible and easily affordable to buyers.
In the recent years, around 33% of homes sold are mobile homes. The reason for the constant rise in the sale of manufactured homes is that it fulfills essential residential needs and is reasonably priced. The home is available within 10 days at maximum, whereas a permanent home takes three to five months to inhabit. Mobile homes not only fulfill essential needs, but also are well-constructed and spacious.
The U.S. Department of Housing and Urban Development sets the benchmark for the quality of these homes. Manufactured homes are safe, durable, efficient, well-built and meet fire safety norms. This implies that mobile homes are affordable, secure, and safe. Another reason for the rise in the sale of these homes is the spiraling property prices in America.
Mobile homes are available for everyone’s budget and taste. One room set is available at a low cost as compared to spacious multi-room sets. Also, luxurious manufactured homes are available at a high cost. There are over a hundred firms in America that manufacture these homes. Thus, there is plenty variety available when buying a temporary or mobile home.
These homes are generally transferred by semi-trucks. They are also known as ‘manufactured home parks’ or ‘trailer parks’. Mobile homes are usually found in high-concentration areas and rural regions. These homes are available in the price range of $25,000 inclusive of fundamental housing requirements for a single set unit to over $100,000 for a plush home. The site and cost of construction can immensely influence the cost of a mobile home; the price can vary between 10 to 35 percent.
If you are looking for a place where you can spend your retirement years peacefully and in comfort without dwindling your savings, investing in a mobile home may be a solution. Also, if you want a dwelling for a growing family unit, buy manufactured homes.
To simplify your financial needs, there are numerous financing choices and loan options to choose from. The loans are also available to people with a bad credit history. The interest rate may be high, but potential buyers have the ability to refinance later when their credit ranking improves.
Federal Housing Administration or FHA loans can be used for manufactured homes. There are two kinds of FHA loans; one for families who plan to live in already constructed manufactured home parks; and another for people who possess the land on which the manufactured homes is built.
The time period for these loans can be up to 25 years. This depends on the duration for which you take loan.