Mobile Home Loan
What Is A Mobile Home Loan?
There is basically two types of mobile home loan. There are mobile homes that are placed on leased lands, this is anyplace where you do not own the land they sit upon. You typically have to pay rent on the property. Any time you receive a mobile home loan on a mobile home which sits upon leased land it is technically a "mobile home loan" or sometimes referred to a" chattels" or "personal property loan".
In this case your mobile home loan is on the mobile home and not the land. If you do own the land under the mobile home. Then your lender will provide you with a "mobile home mortgage" This will include financing on the land also. With a mortgage you will receive the desirable tax benefits felt by standard home owners.
With either mobile home loan, you can expect to need 10 to 20% for a down payment and mobile home loan lenders will loan for up to 30 years but 15 to 20 is more likely. You will find the mobile home loan interest rates to be slightly higher on a mobile home loan compared to a mortgage. SJA
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