| More than 8 percent of the American population lives | | | | singlewide, doublewide, and even triple wide |
| in mobile homes or manufactured homes, and there | | | | manufactured homes. |
| are financers who provide home loans for them. It is | | | | In many cases, the private lenders and the taxing |
| believed that one in every five homes sold, is a | | | | authorities do not treat the property as real. One |
| manufactured home. Mobile homes are made in | | | | cannot get a low interest home loan for a mobile |
| factories and are then trucked down to the | | | | home, if the state you are living in taxes it as your |
| manufactured home community. Another fact reveals | | | | personal property and not as real estate. That is why |
| that the manufactured homes are often bought with | | | | the interest rates on home loans and the taxes on |
| borrowed money or home loans. | | | | personal property are different. Most of the mobile |
| Mobile Home Financing Options | | | | home loans are treated as personal property these |
| There is a criterion in many states of the U.S., | | | | days. |
| according to which, manufactured homes can be | | | | Terms Tend To Improve |
| bought with conventional home loans. There are many | | | | However, gradually, different states in the country are |
| buyers who look for home loans for their mobile | | | | treating manufactured homes as real estate and not |
| homes. Most of the time, the manufactured homes are | | | | as a personal property of the buyer. This has been |
| financed through the dealers who sell them. There are | | | | accelerated by the entry of Freddie Mac in the mobile |
| many, who think that the dealers, who sell the mobile | | | | homes lending market. Freddie Mac is a corporation |
| homes, are the only ones who lend out money for | | | | that has been sponsored by the government of the |
| them. There are many other private lenders also, who | | | | United States. This corporation buys mortgages, clubs |
| deal with these kinds of loans. | | | | them together, and sells the final mortgage securities |
| There are many other things, beside the purchase of a | | | | to the investors. Some time back, the Freddie Mac |
| manufactured home that you have to check out. | | | | Corp. started buying loans on mobile homes and |
| There are two options that you can exercise: either | | | | treated them as real estate. |
| you can place your home on your own land, or, you | | | | The entry of Freddie Mac created a niche for mobile |
| can settle on a land that is put up for a long-term | | | | home loans that are now treated equivalently to |
| lease. | | | | regular home loans. Till now, regular home loans have |
| Mobile homes are placed on either concrete blocks, or | | | | been cheaper, by almost 4 to 6 percentage points, |
| pads. They have asphalt-shingle roofs. Many of the | | | | than mobile home loans. A deal for a mobile home loan |
| mobile homes also have a basement. There are | | | | can go from 13 to almost 30 years. |