Mobile home living can present a number of advantages, whether you’re looking to buy your first home or if you’re looking for something more affordable.
While manufactured homes are a great option, buying or financing these types of dwelling are different from tradition home purchases.
Realtor.com offers these tips to consider before you sign on the dotted line.
Types
Mobile homes are most often sold as single-wide or double-wide dwellings. Single-wide homes have a narrow frame and double-wide homes have a width that is about the size as two single-wide units. Double-wide homes typically look more like a traditional standard, single-family home. When you purchases a mobile home, you also need the secure the land where it will be placed. Some lenders may offer a package deal with land and mobile home financing.
Loan Options
In financing your mobile home and/or property, important requirements must be met.
According to Golightly, new single-wide mobile home financing is difficult through a large private lenders, but you may be able to obtain financing through the mobile home sales company or a credit union.
Realtor.com notes that Golightly goes on to state that double-wide mobile home financing rules vary depending depend on the type of loan selected – for example, conventional loans vs. government-backed loans.
Costs & Insurance
The payment on a mobile home loan may be less than other single-family homes because of the lower total cost of the mobile home. However, the interest rate on the loan may be higher as some lenders see mobile homes as a higher risk.
You will also need mobile home insurance. For more information about coverage options, contact our experienced team today at 336-226-8595! For more on these tips, visit Realtor.com.