Financing your mobile home in Florida – Your prospects
According to the mortgage experts, the lenders charge higher rates on the mobile home loans in Florida than on the other types of mortgage products. As per state laws in Florida, the mobile home loans are known as personal loans which are similar to car loans as the mobile homes carry VIN or Vehicle Identification Numbers. The lender of the mobile home will record it to the Department of Motor Vehicles as the loan will only apply to the mobile home and not to the land on which it is sitting. Even FHA or the Federal Housing Administration finances such modular mobile homes in Florida so that owning a mobile home becomes easier for the people residing in Florida.
Low fixed rate mobile home loans in Florida
There are companies that will provide you with low rate mobile home loans in Florida but you need to have enough income so that you can easily be able to repay the loan with ease. Another advantage of having enough income is that you can easily procure iva’s, which truncate your loan amount significantly according to terms and conditions. Even the moderate-income purchasers can qualify for the low cost mobile home loans through which they can fulfill their wish of buying a home. However, you should take into account whether it is on an independent land, it is the infrastructure of the community and whether or not the utility costs of the land is included in the purchase price. You need to consider the rates and terms of the mobile home loans before you take the plunge in Florida.
Things to take into account before taking out a mobile home loan in Florida
Apart from the rates, terms and the fees that are associated with the mobile home loans, you should also check the size of the home, the appliance package and all the other features in the mobile home loan. You might get a friend or a relative to co-sign the loan if you don’t have a very good credit as this will enable you to get this loan at an affordable rate. However, you should be aware of the fact that your inability to make timely payments will hurt your co-signor’s credit and therefore you need to manage your payments.
The local credit unions, banks and the lenders who are associated with the dealerships can offer mobile home financing. The interest rates that you’ll be offered on the mobile home loans will certainly depend on the credit rating of the borrower. The two most common options of mobile home financing are personal property loans and real estate mortgages. The personal property loans are unsecured and therefore the down payment is also higher.
The single-family mobile homes in Florida should always be in compliance with the standards that are mentioned by the US Department of Housing and Urban Development. The HUD codes need to be followed by the Florida mobile home loan lenders and therefore you need to follow each and every rule before taking out your mobile home loan in Florida so that you don’t become a victim of scam.