![]() ![]() We discuss these in detail further along in the article. There are, however, certain guidelines for using a VA loan to finance a mobile home. Given the lender, they can be especially good for this purpose, since many loans of this kind require no money down and no monthly mortgage insurance to finance through. VA loans for service members and veterans can be used to purchase mobile homes. For mobile home financing, there are two FHA programs available, Title I and II. FHA LoansįHA loans are home mortgages guaranteed by the Federal Housing Administration, a governmental agency devised in the 1930’s to boost national homeownership by insuring loans that feature with low down payments, fixed interest rates, and borrow-friendly regulation. It is therefore considered a personal property loan instead of a real-estate loan (like other home loans). ![]() Chattel loans are given to purchase the mobile home unit, and not the land. Since mobile homes can be moved from location to location, purchasing one doesn’t necessarily entail purchasing the land on which it’s currently placed. There are several loan options when it comes to these loans. However, not all mobile home financing is the same. In essence, a mobile home loan is exactly what it sounds like: a monetary loan provided for the use of purchasing of a pre-manufactured home. Click here to check your VA manufactured home loan eligibility (May 17th, 2023) What Is A Mobile Home Loan? These are known colloquially as mobile home loans.īelow, we’ll detail just exactly what a mobile home loan is, along with how, why, when, and where to pursue one. Financing manufactured homes (also sometimes called modular or mobile homes) is in fact allowed under VA mortgage guidelines. ![]()
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