You can opt for various types of mobile home loans. These are FHA mobile home loans, bad credit mobile home loans, low down payment mobile home loans, no income loans, construction loans, mobile home land loans, and home improvement loans. However, this article highlights two types of mobile home loans. These are FHA (Federal Housing Administration) mobile home loans and conventional mobile home loans.
These kind of mobile home loans are offered by private lenders. The borrowers have to make large down payments on this kind of loans. There are different types of conventional mobile home loans. These are fixed rate loans, adjustable rate loans; buy down loans, hybrid loans, etc. Lenders look at the credit score of the borrower before approving their loans. The lenders reject the loan applications of the borrowers if they have very bad credit history.
Borrowers can easily get FHA mobile home loans from Federal Housing Administration. The borrowers can get these loans with low credit scores. The underwriting guidelines are also not very strict. Borrowers need not to make large down payments on this kind of loans. They can get these loans within two years of bankruptcy and three years of foreclosure. Lenders look at the income level, and the debt payment history of the borrowers. These loans have cheaper closing costs than that of conventional mobile home loans.
The borrowers can get two types of loans. These are Title I loans (for purchase and refinance of mobile homes) and Title II mortgage loans on mobile homes. The maximum amount of mobile home loans that borrowers can get (for manufactured homes located on land) is $175,000.
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