issued, the loan converts into a standard mortgage with fixed monthly payments including both principal and interest during the chosen term—typically 15, 20, or 30 years.
Renovation (Home Improvement) Loans:
Mobile and Manufactured Homes:
These programs are offered through a limited number of lenders, so be sure to ask your loan officer what’s available. Getting a mortgage for a mobile or manufactured home can be more complex than for a traditional house. One reason is that these homes often depreciate in value over time, similar to vehicles, while traditional homes usually appreciate. Because of this, lenders take extra care during the approval process. What Affects Loan Eligibility? • Age of the Home: Older homes may not qualify for certain loan programs. • How the Home is Classified: If the home is permanently attached to land you own and titled as real property, you may qualify for a traditional mortgage. If the home is considered personal property (like a vehicle), your financing options may be more limited. In some cases, you might be eligible for a loan on the land, but not the home itself.
Loan Terms
Mobile home loans often have shorter terms than traditional mortgages, which can impact affordability.
Available Loan Programs
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