Financing is challenging for any homeowner, and that’s especially true when it comes to mobile homes and some manufactured homes. These loans aren’t as plentiful as standard home loans, but they are available from several sources and government-backed loan programs can make it easier to qualify and keep costs low.
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· Buying a mobile home may be less a less expensive option than a traditional house, but it’s still a major investment. Mobile homes can cost typically between $45,000 and $100,000.
"Our program is not just for single family homes,” Addington said, “it can be used to purchase condos, apartments, mobile.
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VA loans for mobile homes typically carry more weight than their more traditional counterparts since the likelihood of long-term depreciation is higher. Borrowers often will acquire a short-term construction loan from a local lender or builder and then refinance that loan into a VA mortgage once the home is complete.
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*The mobile home mortgage rates indicated above are reflective for both purchase and refinance, using an amount to finance of $250,000. The refinance rates reflect 90% to 80% loan to value, while purchase rates reflect a 10% to 20% down payment.
Manufactured Home Program AHFC finances manufactured homes located in mobile home parks or on land (not on permanent foundations) known as Type II manufactured homes. The maximum loan amount for Type II manufactured homes located on land (fee simple land) is $175,000. The maximum loan amount for all other Type II units is $100,000.
Finding financing for a mobile or manufactured home can be tricky, as only homes permanently fixed to the property on which they stand actually qualify for a conventional home mortgage. Mobile homes that are actually mobile are generally considered to be personal.