Reader’s Question:

I need some money to send my kid to college here in Cranston, Rhode Island and I am looking to take out a home equity loan but will my mobile home qualify for a home equity loan?

Bill

Cranston, RI

Depending on the bank or financial institution you’re borrowing from, financing on a mobile home might prove a bit more difficult, especially for first timers. Mobile homes are often seen posing too much risk on the lender. There are actually lenders that you can find in Cranston, Rhode Island who’s willing to work with you on this. You just have to understand that it may need a little effort, and probably considerable searching, to find the right lender to grant you a home equity loan.

There are standards and qualifications that you should know before looking for a loan. First, you’re mobile home must have been built after 1977 and must meet the Housing and Urban Development standards. There are also minimum sizing and square footage requirements and of course must be habitable. There are other deciding factors that may also be based on the individual’s particular situation, such as you’re credit standing and history. Mobile home insurance may also be a factor that lenders will take a look at before agreeing to finance your equity loan. You shouldn’t get discouraged though, you have as much right as any home owner for a home equity loan.

Tags: mobile home equity loan, mobile home insurance, mobile home loan quote

Reader’s Question:

I have a piece of land here in Norman, Oklahoma which I own and I would like to apply for a loan to get a mobile home. I’m certainly aware that I would have to shoulder the down payment. I know FHA offer housing loans. Question is, are mobile homes eligible for FHA loans?

James

Norman, OK

First, you might want to know that financial institutions in Norman, Oklahoma actually prefer giving loans for homes placed on a permanent foundation or on land owned by borrower so you already have an advantage! And yes. Mobile homes or manufactured homes are indeed eligible for Federal Housing Administration (FHA) as well as Veterans Affairs (VA) loans.

But like all other home loans, FHA loan requires that you have a good credit standing. And the better your credit is, the easier it will be for you to get the loan. You also have to be ready to make a down payment when you apply for the loan which may be as little as five percent. But of course, the bigger the down payment you can make, the lower the corresponding mobile home loan interest rates will be. And unlike many interest rates, the rate of mobile or manufactured home remain stable with no fluctuations.

Tags: mobile home, mobile home loan quote

Reader’s Question:

I found a used mobile home here in Fargo, North Dakota that I’m planning to buy. It is a lot cheaper than new ones but I don’t want to get too excited. My concern is that would it be a not-so-good idea to buy used home and spend on modifications or would it be better to just buy new one?

Edith

Fargo, ND

Buying a used mobile home in Fargo, North Dakota is, of course, not a bad idea. But in buying a used home, you should first look for flaws that could possibly affect the price or eliminate it as a choice because there are many possible flaws. The keyword to remember in finding flaws is “water”. And when you inspect for flaws, make sure you write everything down.

First, check for weakness or water damage on the floor area in the front door. Inspect all doors, windows as well as window frames for any water damage. If there is anything in front of the area that you want to check, ask the owner if it can be moved. If they say no, there might be a good reason. You should also check the water heater and while you’re at it, see if the floor sags or if it’s stained from water leaks. You must also look under every sink, faucets and water lines. Check the bathrooms, toilets, tubs and even the bathroom walls. Inspect the ceiling for signs of leaks and don’t forget to continue your inspection outside to check the roof.

After your inspection, go over your notes and with all of the information, you’d be in a much better position to make a decision. But before making any negotiation, try to visit at least three dealers that sell new homes. And with different prices and deals, you can now go and chose your best option.

Tags: mobile home, mobile home loan quote

Reader’s Question:

I have been planning to own a mobile home here in Albuquerque, New Mexico for quite sometime now but I know so little when it comes to financing which seems to be the hardest part of actually having one. Would it be really this difficult to get mobile home financing?

Florence

Albuquerque, NM

Financing a mobile home in Albuquerque, New Mexico is no more difficult than financing any other home since personal property financing is now readily available. One of the things you need to remember is to not feel obliged to take the financing offered by the salesperson so you have to shop around. Loans for mobile housing vary widely in their terms. Also when a home is financed as a real property, a lot of financing programs would be available with terms of up to 30 years because studies show that the appreciation of these homes is similar to the appreciation of site-built homes.

Also, know that the Fair Housing Act prohibits any type of discrimination in housing or any related transaction which include mortgages and home improvement loans. In addition to your knowledge, the Department of Housing and Urban Development Secretary Alphonso Jackson, has announced in March that the New Mexico State Program and Albuquerque will receive a total of $29,424,491 to support community development and produce more affordable housing. HUD’s annual funding will also provide down payment assistance to first-time homebuyer like you.

Tags: mobile home, mobile home financing, mobile home loan quote

Reader’s Question:

My partner and I are thinking of buying a mobile home but we have friends who say mobile homes are not safe because they are not well-made. The biggest concern we have is that can the mobile home withstand hurricanes here in Florida?

Justin

Coral Springs, FL

Among the misconceptions surrounding manufactured homes would be that they are not safe and not well-made as your friends believe. But so that you and your partner can open the door to all the benefits of today’s value, you have to know the facts. Fact is one out of five homes sold in Florida is a manufactured home. And that is no wonder because today’s manufactured homes offer you the best in quality, affordability, as well as value.

You should know that all manufactured homes built since 1976 must meet the strict performance standards set by HUD, or the Department of Housing and Urban Development and this will assure you of first-rate construction. The requirements of this department are comparable to the Standard Building Code for site-built homes, which requires the highest standards in every phase of construction. Also, every manufacturer has its own quality assurance programs, and each home’s design and construction is carefully inspected and approved by an independent outside source. In addition, Florida manufactured home is designed to withstand even hurricane-force winds. Thanks to strict building codes, a Florida mobile home may the safest home you and your partner can buy.

Tags: mobile home, mobile home insurance, mobile home loan quote

Reader’s Question:

At present, I am shopping around for a mobile home. I was able to find several options here in Alabama with different price quotes of course. I have to put everything on a budget so I need all the advice I can get and I know that there would be extra charges. So with that, how can I get the exact quote?

Felix

Montgomery, AL

It is pretty hard in today’s market to get an exact price for a mobile home because of the options added to it. Most manufacturers let you to upgrade almost anything in the home from the windows to floors, walls, cabinets, as well as appliances. It is easy to a price range, but the ranges could be very broad. Most homes that are available at a sales center in Alabama may have many options installed already, which change the price. If different dealers have the same model home, but the prices are not the same or not even close, it could be because of the options that are installed. When shopping around, it’s important to know what options you want so you can accurately compare prices.

Get the price of the home with all of the different options you want in writing for you to be sure that you are not charged extra. Also, don’t forget that setup and delivery of a home are not always included in the price and can cost extra. Have your salesperson calculate the fees for setup and delivery and have it included into the price before giving you a quote. These fees usually depend upon the geographical location. Make sure all of the costs are put into writing and go over all of the details before you make a commitment.

Tags: mobile home, mobile home financing, mobile home quote