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Mobile Home Finance Is Tricky Business

Mobile home finance is tricky business and researching mobile home mortgages can be a frustrating task.
A mobile home is just that - mobile. It may look stationary, and in fact many of them are never moved from their original site, but underneath they have wheels and hitches so that they can be moved.

These homes can be found on their own land but are typically seen in trailer parks where there are a large number of these homes in a small amount of space. Some parks have homes one on top of the other while others are quite beautiful and spacious.

The typical stereotype of low income housing run down trailer parks is slowly giving way to well kept retirement communities and mobile home parks are springing up in warmer climates where retirees tend to flock.

The problem with mobile home finance is that these types of loans have a much higher foreclosure rate than regular built homes. Most banks simply do not want to deal with them. In order to secure a mortgage, you will need good to excellent credit and a big down payment. Most older homes are impossible to finance and homes with additions such as roofs and stick built rooms may be difficult as well since this does not add value to the appraisal cost of the home.

One of the trickier aspects of mobile home finance is whether or not you own the land the home is on. If there is a huge lot, it may be difficult to get a loan if the value of the land exceeds the value of the home itself. If you are buying one on leased land or in a trailer park you should look for a loan company that specializes in these kinds of loans as most lender do not deal with mobile home mortgages.

In order to apply for mobile home finance, you will need a good credit rating and of course a steady income. If you work for yourself, you will need 2 years of tax records (just like any other loan). In some cases, full income documentation is required and you may have to pay a higher interest rate.

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