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Options for Mobile Home Park Loans

Todays Date: November 16, 2018

In today’s economy, it can be quite a challenge to find a financing plan for your mobile home park purchase or for the refinance of an existing mobile home park loan. When seeking financing for your mobile home park purchase or refinance, you would want to be guaranteed that you are making a deal with an honest lender who can help get you the best rates and terms.

There are two types of loans available for your mobile home park purchase or refinancing: fixed rate loans and adjustable rate loans. In fixed rate loans, the monthly payment and interest rates remain the fixed for the entire period of the loan. In adjustable rate loans, the interest rates fluctuate with changes in specific market indices.

You can also consider obtaining government loans or conventional loans. The Federal Housing Administration is one of the many government agencies that offers mobile home park mortgage. It presents its clientele with subsidized loans that have lower down payment requirements. These subsidized loans are also easier to get qualified for. Former service men and military personnel can also apply for mobile home park loans in Veterans Affairs Offices. Home loans from this government agency also have down payments that are easy on the pocket. The Rural Housing Service is another government agency that assures loans that have minimal closing costs and no down payment for residents in rural areas.

A lot of State and City governments also offer low to moderate housing financing plans that can be applied on mobile home parks. A lot of them also offer assistance programs for down payments. These financing programs from State and City governments are typically more lenient when it comes to qualification guidelines and they often have lower straight fees. They can also give homeowners tax credits for part of the interest payment.

Conventional loans are also available from financial institutions that offer financing programs for mobile home park loans. This type of loan normally has higher monthly payment and interest rates. Nevertheless, homeowners still have financing options. They can evaluate whether a small balance or mid balance loan would best fit their budget. They can also choose to go with the general loan program presently offered by financing institutions.

What is important is that you are able to evaluate your options thoroughly before you settle on a decision. It can be a lot of trouble to lose your place in what you have thought as the perfect mobile home community just because you have made a deal with a lender who does not put the customer first and misses deadlines.

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