Tips for Refinancing a Mobile Home Mortgage

The process of acquiring mortgages and refinances for mobile or manufactured homes have become easier than before. Lenders were formerly unwilling to extend financing for this category of housing as they felt the value of the homes would decline rapidly due to a lack of permanent foundation. However, most...

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Benefits of Working with a Manufactured Home Loan Expert

It is difficult to acquire regular mortgages for a mobile home, also known as a manufactured or a modular home. Mortgages that are suitable for traditional homes are not so for mobile homes. An unscrupulous or inexperienced broker may drag you through the entire loan application process and charge...

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Major Considerations in Buying a Mobile Home

A mobile or manufactured home is significantly different from a traditional bricks and mortar house. You may choose from several categories of manufactured homes including: caravans, motor homes or park homes. It is crucial to consider the viability of the idea before deciding to purchase a mobile home suited...

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Guidelines for Taking out a Mortgage for a Mobile Home

The laws governing the ownership of mobile and modular homes are quite different from those relating to traditional homes. This is primarily because the homeowner does not own the piece of land on which the home rests for any length of time. In addition, most banks and other lending...

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Manufactured Homes

Manufactured homes are generally acceptable collateral for an FHA loan. The property, however, must conform to HUD’s manufactured home guidelines. In order to be accepted, the property must meet the following minimal criteria: Property must be at least a doublewide property (no singlewides) The FHA loan must cover both...

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Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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