How long can I get a mobile home mortgage?
Manufactured Homes May 13th, 2010I’m getting a divorce and eventually moving out, and I don’t really want to throw money away on rent. I’m thinking of buying a mobile home (because they’re inexpensive) but was wondering if I can get a full 30-year mortgage on one, so I can keep my payments as low as possible? (And no mobile home jokes, ok??) 
May 13th, 2010 at 8:17 pm
Yes You Can get a federally insured mortgage for 30years. If you are looking for the best home mortgage rates or want to reduce your mortgage loan payments, check out this site
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Here you can get free quotes from all available companies in your area. its the best way to find an affordable payment with a reliable company.
Hope this help,
May 13th, 2010 at 8:17 pm
Normally the longest option is 15 years for a new mobile home.
If you find a used mobile home it is harder to get financed due to depreciation.
Good luck.
May 13th, 2010 at 8:17 pm
You cannot get a mortgage on a manufactured house. You apply for a chattel loan.
The term depends on the age of the home. New ones you MAY find a 20 year loan, but on preowned you’ll be very lucky to find one for 15 years.
May 13th, 2010 at 8:17 pm
If you buy a new manufactured home and have it set up on your own lot you’ll do a lot better with mortgage terms than if you set it up in a park and rent the spot. My advice to you, however, is to rent somewhere for six months to a year while you evaluate your options and desires. In many instances, it’s cheaper in the long run to rent depending on your salary. There are more expenses in owning a home than in renting an apartment. After six months to a year you may find you want the security of an apartment in a good neighborhood versus owning out in the country or in a mobile home community. Think of the first year as a trial period and not as wasted money. Good luck in your new life.