Saturday, November 2, 2013
Mobile Home Financing - Quick and Easy
Are you considering purchasing a mobile home? Do you already own the land or are you considering putting it in a mobile home park? There are many different ways to get mobile home financing, but most likely you will be going one of three different routes. Here are the most popular options for mobile home financing.First, you can go the conventional way and get a loan to cover the purchase price of the mobile home the land, or both. This is a great way to get the financing you need for your new home. Even if you do not own the land or if you do not have a large down payment you can get a loan. If you need down payment assistance you can check into FHA loans. They do have two different programs for mobile homes that can help you out.Second, you can finance your mobile home and the land on a private land contract. This is usually a one to five year contract where you pay the owner of the land and mobile home and they act as your mortgage company. The great thing about this is that you can go ahead and refinance it at the end of the contract without any money down. This also gives you time to build up some equity in your home.Last, there is always the buy here pay here lots that have been popping up all over the place. These are great for mobile home financing with bad credit because they do not care about your credit. They will accept anybody and as long as you make your payments on time you will be able to continue to live there without any issues.