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Generally, a double wide is constructed in two separate units within a factory environment. The two units are then hauled to the site and joined together. A double wide home loan is a mortgage program that allows borrowers to finance the purchase of a home of this type as well as the lot it sits on.
The type of loan you need – and can qualify for – will vary based on your individual financial situation, your personal background, and even the area you wish to purchase a home. One important note here, however, is that no matter what, you want a mortgage loan. Avoid other types of loans as financing for a manufactured home
Amounts offered — Most lenders offer a wide range of amounts depending. you could get a home equity loan or line of credit. Your home will be the collateral, which is a double-edged sword. Since.
These can easily double the balance of your loan in a pretty short time. IRS is unbelievably stupid–tax debt is also not bankruptable, and the IRS has very wide powers to get its money. 3) You.
Mobile Home Financing. eLEND offers mobile home financing assistance for single and double wide manufactured homes on owned land throughout much of the United States. Borrowers can take advantage of eLEND’s specialized fha loan designed for mobile home financing. Through this program, borrowers enjoy the the security of fixed interest rates with highly competitive pricing.
In most cases, the following requirements must be met before a mobile home equity loan or line of credit is approved: There must be equity in the home, meaning the first mortgage is no more than 80-90% of the home’s market value; The home must be a double-wide or larger (in some cases, at least 600 square feet)
Manufactured home loans are a bit tougher to find in today's market.. 20 years for a manufactured home or a single-wide home and lot; 15 years for a. There are extra risk-based loan fees for manufactured housing, so rates.
Manufactured Housing Standards. The mortgage loan must be secured by both the manufactured home and the land on which it is situated, and both the manufactured home and the land must be legally classified as real property under applicable state law.