Having your own home was never an easy thing . It might be difficult to choose a better option for having your own mobile home or renting a traditional one. While it cannot be called as a petty expense , which could be done in a eye blink , but yes it should be done in a well planned manner where your family preferences , customization expectations and needs would decide which one to accommodate and which one to loose for the time being . If you are on a budget of 10,000 to 25000 then renting a simple mobile home would be a better choice , but the catch is whether your family expectations from their own standing home is more than the need of the mobile home in US.
If you want to buy a mobile home , it won’t be easy for you to grab a mortgage opportunity from a lender in US. This is because mobile home is difficult to rely to be mortgaged as it is not a real estate to be believed but there are some institutions from which you can go for a lending application with few of their compliances and obligations to apply for mobile home mortgage loans.
Mobile Homes : How they are different from Traditional Accommodation
Mobile homes are custom made houses by experts where you get a definite structure built of your home , it could be prebuilt , manufactured , tailormade or could be customised as per some popular stucture designs. Mobiles homes are built at some factory institutions where they after being made ready, they are bought to place of Setup , these are usually stuctured without metal support but are settled as per engineers location survey remarks.
Some mobile homes are also manufactured on permanent structures with metal blocks or piers , the only difference that occurs between a manufactured mobile home or a factory made mobile home is that the manfuactured mobile homes are settled at one place and cannot be moved once they are built at one place while mobile homes can be rebuilt , moved or can be customized. You can also go for Modular homes , where the homes you order shall be made avalaible with modular accessories with highly customisable options crawlspaces and creative basement and storage options. Modular mobile homes can be delivered in modular forms which can be reassembled at your liked places .
Ways to Finance Mobile Homes in US
Now you have got your loved mobile home to place at your delicate location , its time to think of right source for mobile home financing in US. Because ,it is not a real estate or is not a permanent accomodation space to be pledged for loan or finance , you might face difficulty in raising funds from the institution for this but on a simple note you can go for FHA (Federal Housing Loan programs ), Fannie Mae Mortgage Options , Freddie Mac finance options , Vetran Affair Mortgage Aid or you can look out for Chattel Loans for it in United States.
As a decent option to raise funds for Mobile Homes you can also file an application for personal loans in financial institution where you have to suffice different personal reasons and have to show your earning capacity to the lending institution.
Essentials to Cross Check before Financing Mobile Homes
You only need 5 checks before going for purchase or mortgage of Mobile homes in US, you have to be confirming on these conditions before deciding for making such a big decision :
- Your credit report should match your finance health , so the lender would be able to decide to finance or provide a mortgage you for the purchase of Mobile Homes , your credit history should be presentable with no defects and defaults.
- Lay stress on buying land along with Mobile home , because the more you consider for land holding , the easy would be for you to takeaway a finance option from a reputed institution.
- Take advice of a home planning expert or a estate advisor before considering for any particular Mobile home , he would rather advice you better accomodation as per your needs.
- Look for finance options which are institutional , with private loans or loans taken in name of other usage you might get defaulted from the institution for further credit needs.
- Submit your loan application with all specifications asked for the Mobile home , with your financial health and your KYC documents.
The Bottom Cut !
Manufactured mobile homes are an affordable option for you to go for a sweet home in any locality , but you should always think of the perspective of moving your house from one place to another in case some unsual discrepancies happens with the neigbours or the nearby persons . You can go for loan or mortgage or personal credit options for financing mobile homes in US and never take too long in wrapping up your mobile home finance or mortgage , be quick and be wise in taking decision for buying Mobile Home in US.
Also read : How to Get Investment Advice in US 2021 ?
Hope , you are able to secure a good mobile home for your family with-taking some advisory and tips from the above post , if you have any queries related to Mobile homes in US , you can place us your comments in the comment section.