Mobile Home Loans
Mobile home is a good housing option if you want a house but your budget is low. Mobile homes are first built in factories and then the mobile home is taken to the site where it is give a permanent foundation. There are certain criteria’s that you need to meet to get approve for mobile home loans.
Let’s check out what are the conditions that you need to meet to get approve for a mobile home loan:
• The mobile home should be built as one or two or three section in a protected building sector. The wheels and axles must be removed. The mobile home should have a permanent foundation.
• The mobile home should comply with the HUD restrictions.
• The owner should have absolute ownership of the property.
• You may need to make 5 to 10 percentage down payment depending on the type of loan and your credit profile.
• You can take the loan to buy or refinance a mobile home but you should be the absolute owner of the land or lot.
• The mobile home should be your principle residence.
• Your credit score should be above 680 to get approve for the mobile home loan with better rates and terms though you may get approve for the loan with a credit score as low as 550 but the rates and terms will not be too good.
You can get the tax benefit as well on the interest of the mobile home loans if the house is your primary residence.