If you’ve ever dreamed of owning a home, but want a more affordable option, then a double wide mobile home might be ideal for you. A manufactured home, also known as a double wide, is a versatile and cost effective alternative to a site built house.
An overview of double wide mobile homes
In a double wide mobile home, two singles are combined to create a spacious and well-designed living space. In addition to their lower costs and quick assembly time, they also offer a flexible construction method.
A Personal Loan as a Financing Option
An easy way to finance your double wide mobile home is with a personal loan. Your loan amount, repayment terms, and interest rate can be determined based on several factors, including your credit score and income.
A quick application process, fixed interest rates, and no collateral requirement are some of the advantages of personal loans. These loans, however, have their own set of drawbacks, such as high interest rates and strict credit checks.
Loans from the Federal Housing Administration
Federal Housing Administration (FHA) loans offer low down payments, flexible credit requirements, and competitive interest rates. However, it is not possible to use this loan for land purchases made separately from the purchase of a double wide home constructed after June 15, 1976.
The VA Loan Providing Finance for the Deserving
Veterans and active duty military personnel have access to exceptional financing options through the VA loan program.
VA loans do not require a down payment or mortgage insurance and offer competitive interest rates. Its shortcomings include availability requirements and an additional VA funding fee.
Home Loans With Double Wide Benefits
Typically, mobile home loans do not include land in the package deal when purchasing a mobile home. By securing the loan in the mobile home, the approval process is sped up and the down payment requirements are reduced. The interest rates on these loans are high, while the repayment schedules are short, which can result in higher monthly payments.
A home loan is the most common form of financing
Traditionally, home loans have been used to finance homes. A double wide home must be built on a foundation, with the homeowner owning the land. Conventional home loans offer several benefits, including competitive interest rates and financial benefits. In addition to high credit scores, large down payments, and inflexible property requirements, these loans require higher down payments.
