Mobile homes are an affordable living option and can be just as gorgeous as any stick built home. These homes offer a housing option that offers a lot more than the typical apartment rental. Many mobile homes give you the opportunity to have a yard, or a pet, all while potentially building equity toward the purchase of the home.
Renting A Mobile Home
When renting a mobile home there are two main ways you'll see it done. In the first, you'll pay the rent on the mobile home, in addition to a lot rent fee. In the other, you'll still have to pay a rental fee and a lot rent fee on the home, but you may have the opportunity to buy the home. Sometimes, a park where the home is located will allow a portion of your rental payments to be applied toward the purchase of the home. After you pay the purchase price, you still may have to make lot payments if the land wasn't included in the purchase price. However, after you've paid off the mobile home, you're free to move it where you choose.
Loans And Financing
Mobile homes aren't able to be financed using a traditional mortgage. However, there are still options to finance a mobile home. The first option may involve special financing through a builder or the mobile home park itself. In many cases, a big bank may not service mobile home loans, but you may be able to pursue a loan from a credit union. In order to obtain financing from any lender, you'll have to meet a few qualifications:
- You must intend for the mobile home to be your primary residence.
- Have a down payment and demonstrate you have the financial means to pay the loan back.
- The mobile home must meet the standards set out by the lender.
- The homesite for the mobile home must meet the standards of the lender.
Purchasing A Mobile Home Directly
Often, someone will want to purchase a mobile home directly from the owner. Many people don't know that if the mobile home being purchased is in a mobile home park that they have to get approval first through the park. This usually involves an application process. If you weren't approved to live in that park, you have the option of stopping the sale before you purchase the trailer. If you were to decide to go ahead with the purchase, you would have to pay to have the mobile home moved to either a different park, or land you've purchased.
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