How to Get a Loan for Used Mobile Homes

There are many sources of money to fund the purchase of a used mobile home. Traditional sources of money like banks and mortgage brokers, as well as other lenders are willing to lend mobile homes buyers. There are also government guarantees for qualified borrowers. These are some tips on getting a loan to buy a used mobile home.

Difficulty: Easy

Instructions

1. Select a price range and a home community to buy your used mobile home. The mortgage process may be more efficient if you can make a selection before pre qualification for a loan. This is not required, but this way the lender knows the mobile home price, the community and the specific home value.

2. Make an assessment of how much cash you have available for a down payment. Some lenders require as little as 5% of the purchase price down for a mobile home mortgage loan. This varies depending on the lender you select.

3. Contact a few banks or mortgage brokers to get pre qualifications for a mobile home loan. Provide your financial information; such as assets, liabilities and money for the down payment. The bank or broker will check your credit history and credit score. The lender will let you know if you qualify for a used mobile home loan in the amount needed and interest rate.

4. Find out if the mobile home park community selling the house also offers financing. In order to get rid of inventory faster, some park communities provide the buyer with financing. Discuss terms of the loans, interest rates and requirements with the park community.

5. Apply for a used mobile home mortgage loan. After getting a few pre qualifications; select the lender with the best loan terms and apply for the home loan. Keep in mind interest rates, closing costs, other fees and loan prepayment restrictions when accepting the loan.