Question:

When do you need a mobile home mortgage?

Answer:

You will need a mobile home mortgage loan for mobile home unit, factory-built or prefab housing - the so-called manufactured home. Since around one-third of the single-unit home purchases in the US are mobile, or modular homes, there is a lot of demand for mobile home financing.

When is it easier to get better mobile home mortgage rates?

If your manufactured home will be placed on a lot that you own, or if you are buying new construction mobile home to put in a high-standard manufactured home community, your lender is likely to offer you mortgage rates close to site-built home mortgage rates.

However, if you are buying a somewhat older manufactured home located in a substandard mobile home park you will qualify for less of a loan, and your mobile home loan rates will be higher.

Also, before you get a manufactured home loan your home needs to be certified in accordance with state or federal construction and safety standards.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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