MANUFACTURED MOBILE HOME LOANS

Mobile homes are an important source of housing for older Americans. As the cost of housing has increased, mobile homes present a seemingly affordable alternative to elders in need of housing. Approximately 41% of mobile homes occupied as a primary residence are owned or rented by persons age 50 or older. Compared to owners of conventional single-family housing, a much higher proportion of mobile home owners over age 50 are low-income. Mobile homes (also known as manufactured homes) are popular with older Americans because they are usually more affordable than conventional homes. The cost of a mobile home may be up to a third less than a similar home built on site. The homes are built in a factory, and then transported to the site where they will be installed. Once delivered, the home is anchored to the site. Despite their name, the homes are not very mobile as dismantling them and moving them can be difficult and expensive.

Financing a new manufactured home can be done in several ways. A conventional mortgage or a personal loan, similar to a car loan. The rate you obtain will depend on several factors to include: Credit Standing, Employment History, Year of Home, State of Residence, Home Value and/or Down Payment.