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Mobile Home Loans

Thousands of Americans buy and use mobile homes for recreational purposes. Many more thousands have found that living in a mobile home is a safe and affordable housing solution.

A Title 1 loan allows you to make basic renovations or repairs to your mobile home. Many approved lenders grant credit based on the applicant's credit history. Loans are generally repaid in regular monthly installments. These loans are not low interest government loans or grants. They are fixed interest rate loans, usually based on the market rate in the area. Some borrowers use this type of loan to buy or refinance their mobile home, but only if the mobile home is their main residence. There are limits to how much you can borrow, but in high-cost areas the limit is much higher. To find the name of a lender in your area, contact a company that specializes in selling mobile homes; they should have a list of the approved lenders in your area.

Like most other loans, to be eligible you must be able to show that you can make the monthly payments. If you take a mobile home loan in order to buy a home, you must be able to make the minimum down payment and show that you have a suitable location for your mobile home which includes adequate water supply and sewage disposal facilities.

The home itself will also determine whether or not you are eligible for a loan by an approved lender. Your mobile home must meet safety standards, and if it is new, it must carry a one-year warranty from the manufacturer.

If you want a loan in order to buy a mobile home for recreational use (meaning that it is not your primary residence) you are looking at a simple interest loan that can be tailored to your needs. Many lending companies will meet with you to look at your future plans and help you determine the best type of financing.