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