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.

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Common misspellings: mortage and morgage