How to Find California Mobile Home Mortgage Lenders

A mobile home is a great choice for people who are constantly on the move or really enjoy traveling. With all of the beautiful scenery, and great destinations to visit, owning a mobile home in California can be very convenient.

Searching for California mobile home mortgage lenders can be a little more difficult then looking for a mortgage lender for a normal home. This is because you are usually unable to get the same type of a home mortgage loan that you would with a traditional home mortgage, and will need to find someone who specializes in mobile home mortgages. Often times, a mobile home mortgage lender will treat the loan the same way they would when financing a loan for something like a boat or a car. Despite some of the limitations that you will face, this article will give you a basic understanding of your options, and help you to find the mobile home mortgage that you need.

Internet Searches

One of the first things you should do is to do an internet search for "California Mobile Home Mortgage Lenders". This will give you a list of specialized mobile home mortgage lenders in your area and you can begin calling and researching some of these companies to see what they offer. When financing with this type of lender, the word 'mobile' will often lead to a higher interest rate. The less 'mobile' your manufactured home is, the better the financing deal you will be able to get on a mobile home mortgage. Using one of the California mobile home mortgage lenders that you find might end up being the most expensive route, but it is a great place to start researching and maybe be your only option if the following two methods do not work.

Retail Installment Contract

This is a method where you finance your mobile home purchase directly through the mobile home retailer. It allows you to pay for your new mobile home in installments instead of having to pay for the entire purchase upfront. The benefit of this method is that the mobile home retailer wants to make the sale, so they will try to be flexible and setup a deal that will allow you to make your purchase from them. The disadvantage is that the retailer will not want to wait as long as your mobile home mortgage lender to receive full payment on the purchase. This means that your monthly payments may be higher, but you will not have to make payments for as long.

Apply with the Federal Housing Administration (FHA)

The FHA does not make loans, but it insures loans made by private lenders. This helps you because it means that your lenders will give you a better deal on your mobile home mortgage even though you do not make a large down payment. There are two types of FHA-backed mobile home loans: Title 1 and Title 2. A Title 1 loan can be used for anyone to buy a mobile home, if it will be the primary residence of the person obtaining the loan. With a Title 2 loan, you are required to have your mobile home on a permanent foundation, but it still may be an option depending on your needs.

When searching for California mobile home mortgage lenders, you will benefit greatly if you consider the three options mentioned above. Having a better understanding of your options will hopefully save you both time and money! Good luck with obtaining your new mobile home!