ORIGIN
November 19, 2022

The Benefits of Mobile Home Loans

Considering that traditional home prices are rising astronomically, you might be searching for an alternative. Have you considered getting a mobile home instead?

A mobile home is a prefabricated home structure built on a permanent chassis, and it was constructed before June 15, 1976.

There are so many benefits to getting a mobile home, and the cost is just one of them. 

It's also easier to get mobile home loans than a traditional home mortgage. Keep reading to find out more about the benefits of getting a mobile home loan to pay for your new residence. 

You Can Get Down Payment Assistance

With some lenders, you can get down payment assistance, if you are in financial straits and can't afford the required 5% down payment. This means you won't have to save up for a while before being able to purchase a mobile home. 

You could apply for a mobile home loan and move into it within a matter of days. Since mobile homes are usually much cheaper than traditional homes, this means that your down payment will also be that much lower, making it much easier for you to borrow the down payment from friends or family. 

With Southern Home Loans, if you are a Hometown Hero, that is, if you work in one of 50+ occupations, you are eligible for a 5% down payment assistance of the total loan amount. This would be a maximum of $25,000.

Closing Happens Faster

With a mobile home loan, you don't have to wait for a traditional bank or financial institution to approve your loan, which takes days or even weeks depending on what your credit score is like. You can see if you qualify online and then get your loan in a matter of hours. 

If you are getting kicked out of your current rental or if you are desperate to finally buy a home of your own, then it's time you looked into a mobile home loan with Southern Home Loan. 

We are experienced with all kinds of loans and are eager to help folks like you get qualified for a loan. This way, you can finally buy the mobile home of your dreams and settle in with your family.

There Are Many Financing Options When It Comes to Mobile Home Loans

Another thing to keep in mind is that with traditional mortgages, you have very few options. That is, you could get an FHA or Fannie Mae loan, but these are only for a select few who have special circumstances. Everyone else is stuck with a traditional mortgage route, and if that fails, then there's nothing else they can do.

With a mobile home loan, you get presented with several different options once you qualify. You can choose between all these options to find the loan that suits your needs best. This way, you won't feel like you are stuck choosing an unsuitable option just because you have no other choice. 

Also, since a mobile home is much cheaper than your traditional home, your monthly mortgage payment is going to be that much cheaper. You can finally afford your home without worrying about your monthly budget. And the interest rate will be lower as well since the overall loan is smaller. 

Make sure to check through the terms and conditions to see if you can pay off your loan faster and if there are any penalties for doing so. If you get a windfall from work or a family member, you will want the option to pay off your loan faster. This way you can become free faster. 

The Mobile Home Purchase Process

Here's a brief look at the steps you should follow when you purchase a mobile home so you can save time and money. Always start by making sure that the title is retired before submitting a contract. 

If a retrofit is required, you should negotiate beforehand to figure out who will pay for this retrofit. Otherwise, it could cause you trouble after the inspection, which confirms whether the foundation needs to be retrofitted to meet FHA guidelines. 

The other important step in the process is to do an appraisal, so you know exactly what the value of the mobile home is. This way you won't pay more than what the mobile home is truly worth. 

A septic and water test is required for FHA financing, but it's still a good idea to do it even if you aren't getting financing from other sources. This way, you can ensure you will have no issues with the septic system when you move in.  

As you can see, the process of getting mobile home financing is a bit different from when you would be applying for a mortgage to buy a home. But now that you are aware of the steps, you are protected from any potential mistakes you would have made. 

Get Ready to Move Into Your Mobile Home

If moving into your first home seems like a dream beyond your reach, then get ready to be surprised. With mobile home loans, you can finally own your home and live without worrying about being kicked out of your rental unit.

Check out Southern Home Loan, a Division of Goldwater Bank and a leader in the home loan industry. Apply now to get qualified for your mobile home loan.

We have developed the best tools to help customers like you get the loans they need without headaches or uncertainty. Ask our experts any questions you might have about the loan process.

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