| This article provides useful, detailed information about | | | | to apply for them. There are federal standards that |
| Manufactured Home Loans. | | | | help to regulate the quality of the manufactured home, |
| The word \'manufactured\' gives one an idea of the | | | | and these standards are in turn based on the strength, |
| type of house that falls in this category of home loans. | | | | durability, fire resistance, energy efficiency, |
| Manufactured homes are factory built homes that can | | | | transportability, and quality of the homes. It is only |
| be transported to any location needed on their own | | | | based on the guarantee of these standards that |
| chassis and wheels. For a finance institution to finance | | | | manufacturers readily offer a warranty to cover the |
| a manufactured home, it has to be doublewide and on | | | | home and it\'s systems during the stated warranty |
| based a permanent foundation on land owned by the | | | | period. Like all other home loans, this loan requires that |
| borrower. Sometimes, manufactured homes are | | | | you have a good credit. The better your credit is, the |
| financed with a retail installment contract that is | | | | easier it is for you to get the loan. You have to also be |
| provided by the retailer who is selling the home. | | | | ready to make a down payment when applying for |
| Although the lender may easily grant a conventional | | | | the loan which may be as little as 5% of the loan |
| mortgage for manufactured homes, they actually | | | | amount as down payment, but the larger the down |
| prefer giving loans for homes placed on a permanent | | | | payment you can make, the lower your corresponding |
| foundation, as the risks involved in such cases are | | | | mobile home loan interest rates will be. Unlike many |
| lower. It should be remembered that manufactured | | | | interest rates, the rates of mobile home loans remain |
| homes are eligible for FHA and VA loans, so it is wise | | | | stable with no fluctuations. |