Mobile homes are a fantastic way for families to purchase their very first home. Contrary to popular belief, most of the mobile homes that are sold across the country are not the single wide trailer type home. More than 10% of all new homes that are purchased across the country are manufactured mobile homes.
These homes look exactly like the other homes in more established neighborhoods, but they offer a lower entry price point for those families wanting to purchase their own home. If you are interested in purchasing a mobile home for sale then this article will outline some of the financing available to you.
Rent To Own Financing
With the dip in the housing market, many homeowners are finding that it is a little difficult to sell their home. Mobile home manufacturers are also finding it difficult to sell their homes. With so many homes up for sale on the market today, competition is fierce for buyers like you.
Some mobile home manufacturers have allowed homeowners to gain access to ownership through a rent to own financing option. These rent to own financing options allow homeowners to rent for a few months, often up to a year, before making the final down payment to purchase the home.
This is a fantastic option if you have credit issues, or if you just simply want to test out living in a mobile home for awhile.
Bank Financing
Most mobile homes for sale will require that you take out a mortgage through a lender, often times a local bank. This traditional source of home financing has been around for decades. You will be required to have a certain credit score, show certain levels of income, and meet with a mortgage finance professional to determine what your monthly mortgage payments will be, how much home you can afford, and the general terms of a mortgage if you were to be accepted.
The downside to traditional financing is that it is often a lengthy and difficult process to obtain a mortgage. Unfortunately, ever since the housing boom bubble burst, these mortgages are becoming more and more difficult to obtain. Banks have become more risk-averse now that so many homes are foreclosing.
Manufacturer Financing
There are many mobile home manufacturers that will finance through the company instead of a bank. In a lot of ways, this financing option reflects the same type of financing that you can find when you purchase a car. Just like the leasing, or purchasing process to obtain an automobile, manufacturers of mobile homes will require that you have an excellent credit score, proof of employment and income levels, and a certain amount of assets available to be used as collateral or leverage.
Often times, mobile homes that are for sale are being sold by third-party homeowners or independent companies. If you are looking to purchase your very first mobile home, it is recommend that you contact the seller directly. Remember, these mobile home sellers want to make the sale. They will be sure to assist you in every way that they can to help you obtain financing.
If you would like to take a look at some mobile homes for sale then we recommend that you take a quick look at some of the amazing mobile homes being sold right from this website at MobileHomesForSaleInfo.com.
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