Few Alternatives For Manufactured Mortgage Loans

But since most manufactured homes - also referred to as homes that are mobile aren't on land that is owned because of the customer, they may be legitimately categorized as individual home, like an automobile. To loan providers that will cause them to become a greater risk than the usual home, and loan prices may be twice what they're on a home in which the owner additionally has the land it sits in.

Interest levels on mobile domiciles are about 8 to 9 %, a rate that is high shows the main high danger of having a faster financial life and depreciating faster than site-built domiciles, claims Greg Cook, a home loan consultant in Temecula, Calif.

Like getting a vehicle

Another risk is they truly are mobile, Cook says. "out of there," he says of owners if they wanted to, they could back it up on a flatbed or whatever and move it.

A home on fixed land is simpler to market compared to a...