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Mobile Home Debt Consolidation – How to Purchase a New Home with Mobile Debt Consolidation Loans
Nineteen million Americans live in mobile homes. While this may seem like a small number to most of us, it is enough to make banks take a second look at the option of financing mobile home loans. Mobile homes or manufactured homes are becoming the housing of choice for those people that want to achieve the American Dream but are on a fixed budget. Perhaps you currently live in a mobile home and would like a way to consolidate your mobile home payments and your monthly bills. While a few years ago you would’ve been hard pressed to find such a loan, now a day there are a number of companies that specialize in this very service for mobile home debt consolidation. More often then not, when it comes to financing your mobile home you are going to be facing higher interest rates. To get better financing terms you want your mobile home to be less mobile. These types of homes used to be financed as personal property. This meant that you needed 10% down and the interest that you paid was not tax deductible. This type of loan is still available and it is the most common it is now possible to get a loan with 5% down and finance the rest over 20 to 30 years. A lot of loan programs available to mobile home buyers and owners are looking at the land that your home sits on. Yes the key to better financing is to make your home less mobile and then it is more likely to be seen as a mortgage which offers you tax benefits, perhaps your concern is more with the debt consolidation. Places such as Mobile Home Loans offers programs to refinance your mobile home with or with out land. For this company being able to consolidate debt is going to depend on the size of your mobile home. They will not do the debt consolidation on single wides with land. However they do offer a limited number of refinance/debt consolidation loans on single wides with out land. Mobile Home Loans does have credit requirements and they do want to see full documentation of all income. They have been in the business of 6 years and pride themselves on being able to help the mobile home buyer. Manufactured Home Refinancing specializes in loans for mobile home buyers and current owner that do not own the land. The can only offer their programs in certain states which in contrast to Mobile Home Loans they are a nationwide lender. Manufactured Home Refinancing has requirements as well, the loan amount must exceed $15000 and you must have at least 15 years left on your current loan. The bottom line here is that if you own a mobile home or are looking at buying a mobile home and consolidating your debt there are now programs available. Most companies have their own guidelines as to what they are looking for and whether they can offer their programs in all states or only certain states. For some land is important and for others it is the size of the mobile home unit. There is help available to you now.
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