I do mobile home finance - ask me anything

[Sergiojrios]

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]

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]

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]

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.