low down payment options for mobile home purchase
Many people want to live in a mobile home for the affordability. I mean, come on, their cheap! Right? Well, a lot of people don't have the ability to put down a full 20% down payment (which most lenders will require).
20% of $50,000 is $10,000!
20% of $150,000 is $30,000 - ouch! A lot of mobile homes are lower priced than $150K, but especially in California, the prices can get pretty high (especially in ownership parks).
Well, there are few sources of mobile home loans these days and even fewer that offer low down payment options.
One lender, however, is Triad Financial Services. There link is here:
Their rates are NOT posted on the website so you will have to call them or fill out their contact forms, but it could be well worth it.
I believe the rates will range in the 6% to 7% area. Ask them directly as I, we, Free-mobile-home-info owners don't know - or we would tell you!
But, check them out for sure for low down options.
Here are some hints for them and in general for finding financing...
1) make sure you are very upfront with anyone you are asking for a loan about your income, credit, and the age and size of your home. This makes a big difference not only in the rate and terms you could get, but whether or not they can even do the loan for you
2) be flexible to an extent with their information from the initial contact to their official approval - expect it to change. The problem is that most of the time the factors that determine your rate are not 100% known by the lender when you first call them. Sometimes it takes a lot of looking at your information in detail to determine what rate you would get exactly.
3) Ask your neighbors for a referal to a lender they worked with and liked. You will have a hard time getting info out of the lender, as the is confidential info they cannot just release (who got a loan in the park last). But asking your neighbors is a great way to gain some insight.
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