Loan for a Mobile Home for African Americans

Millions of people live in mobile homes around America. This is because they offer an affordable housing possibility that appeal to many people. Many people who live in mobile homes rent them, but if you can buy it instead, you can save even more money. If you have a job there is a good chance you can get a loan for a mobile home. For African Americans and others it may be a good choice to take toward home ownership.

Purchasing a mobile home allows people to become homeowners and for less money. They are typically far more affordable than purchasing a traditional home. Once people won a mobile home they will typically pay only lot rent fees. Those are the fees that are paid to the trailer park where the mobile home is set up at, unless you own your own land. If you own your own land then you will only pay on the loan payment each month.

About Mobile Home Loans

Obtaining a loan for a mobile home is not difficult and generally uses the same process as taking out a loan for anything else. Whether you are purchasing a car, house, or something else that is a big purchase it is all done the same way. You will need to apply for a loan with a credit union or bank and then make the purchase with the funds. When applying with a bank or credit union, they will want to verify your income, job status, and credit score.

Many people prefer to be preapproved for a loan before they even begin looking around at mobile homes. This is a smart move, because it will tell you how much you can spend, and lets the real estate agent know that you are able to get a loan. The bank will provide you with a preapproval letter that says they will be giving you a loan to purchase a mobile home, and it will say how much your loan limit is for. This will help you better negotiate pricing on the mobile home you are interested in.

Getting a Mobile Home Loan

Most banks and credit unions will provide loans to purchase a mobile home. You should first check with the one that you have an account with. If they can provide a loan and you would like to go through them, then you can apply right with their office or online at their website. If you don’t want to go through them, you do have other options to consider. It’s okay to explore your loan options to decide where you would like to take the loan out.

You will want to consider the loan terms, which include how much you will be paying each month on the mobile home, and what the interest rate is. Determine how many months or years you will be paying on the loan for. Some people may be required to provide a down payment in order to get the loan. Inquire about the terms regarding this and other issues when applying for the loan, so you can make a good comparison of what each lending institution is offering, and then choose the best one to go with.

If you are purchasing a new mobile home you may be able to get financing through the manufacturer or mobile home community. They often provide their own financing, which may make it easier for you to get the loan.

Mobile Home Loan Options

In addition to considering where you do your banking, consider the lending institutions below to find a mobile home loan.

Housing and Urban Development (HUD) – This is an agency of the federal government. They provide more housing assistance than any other entity in the country. They provide helpful programs for those who rent and own homes. Contact HUD to inquire about getting a mobile home loan. They do help people purchase mobile homes as long as they meet certain criteria, including the maximum amount that they give loans for on that type of housing. To get more information, click here.

Florida Modular Homes – They provide financing for modular and manufactured housing. They work with a variety of lenders to help people get the loans they need to make the purchase. They also have a second chance financing program for those who may not have the best credit. For that program you do have to have 10 to 20 percent to put down, depending on what your credit score is. They also provide mobile home loans to those who are self employed. To get more information, click here.

Black Rock Mortgage – This lender offers mobile home loans for those who have a minimum credit score of 580. The mobile home has to have at least 400 square feet to get approval for the loan, and has to meet a few other requirements regarding the safety and condition. To get more information and apply for a loan, click here.

Rocket Mortgage – This lender specializes in offering mortgage loans. They do also offer mobile home loans to those who qualify. You can put in a loan application to see if what you qualify for and what would be required to obtain the loan. Depending on your credit score, you may have to have a down payment. To get more information and apply, click here.

Lending Tree – This is another lender that provides mobile home loans. You can use the tools on their website to determine who much your monthly payments would be. You can also apply online for a loan through them. They offer a look at the different types of loans that they provide, including government-backed loans, such as FHA, VA, and USDA. Those who have a low income may be able to get loans easier through those government programs, which have been created to help more people be able to purchase a home. They provide a variety of tools and information on their site. To get more info and apply for a loan, click here.

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