I do mobile home finance - ask me anything

Industry pros offer their experience in manufactured housing to help first time buyers to make informed decisions with confidence and peace of mind.
Post Reply
Sergiojrios
Posts: 1
Joined: Sun May 12, 2019 9:39 pm

I do mobile home finance - ask me anything

Post by Sergiojrios » Sun May 12, 2019 9:43 pm

Want to answer any questions you may have about financing a mobile home. This helps me be more prepared in the field as well.

I specialize in low credit fha loans. Not sure if this is where to post but I’m here to help answer questions no obligation

battybat
Posts: 1
Joined: Sun Jun 16, 2019 8:30 pm

Re: I do mobile home finance - ask me anything

Post by battybat » Sun Jun 16, 2019 8:35 pm

Hello,

The interest is very high for the one I found which has a calculator. I can't get a conventional or FHA loan so I am stuck with 9%+ interest even with very good credit.
Any place to start off with that will lower the interest? It is in a mobile home park community that is rented so I know that lowers my options.

Thanks

Keke
Posts: 3
Joined: Sun May 17, 2020 7:36 am

Re: I do mobile home finance - ask me anything

Post by Keke » Sun May 17, 2020 7:41 am

Hi
I am a first time home buyer and currently in the process of purchasing a manufactured home. I was financed through FHA but not too thrilled about the MIP. Will this ever fall off as with conventional loans or am I stuck with it throughout the lifespan of the loan? TIA

nancymartinted
Posts: 8
Joined: Mon Dec 30, 2024 11:43 pm

Re: I do mobile home finance - ask me anything

Post by nancymartinted » Sun Jan 19, 2025 11:38 pm

Sergiojrios, it's great to see you offering to answer questions about mobile home financing! This is such an important topic, especially for first-time buyers and those exploring FHA options.

@battybat, regarding your concern about high interest rates, you could use a mobile home loan calculator to understand your financing options better and assess how different interest rates impact your monthly payments. Here's a neutral, helpful tool:Mobile Home Mortgage Calculator.

For further insight, if you're looking to estimate the current value of your mobile home, you might find this Used Mobile Home Value Calculator helpful. It provides a better understanding of the market value of your home, which could guide your financing decisions.

@Keke, regarding FHA loans and MIP (Mortgage Insurance Premiums), unfortunately, unlike conventional loans where PMI can drop off when you reach 20% equity, FHA loans typically require MIP for the duration of the loan unless you refinance into a conventional loan later. If your equity and credit allow it, exploring refinancing down the line might be a good option.

Hope these suggestions help! Let me know if you'd like more guidance on specific financing scenarios.

Post Reply

Who is online

Users browsing this forum: No registered users and 17 guests