Do you want to own a house which is beautiful, classy and have world class facilities? What can be better for you other than a manufactured home? These homes also known as mobile homes can also be purchased with the aid of a loan. The loans are tailored keeping in mind the nature of such homes Canberra. The law permits the professional lenders to finance mobile homes and the procedure and the eligibility criteria of these home loans are quite similar to that of the other home loans.
The amount of loan granted to an individual depends completely on his or her credit records and capability to pay back the loan in standard monthly installments. The mobile home loans are not special grants or government loans. The applicants should not have any misconception regarding the rate of interest in this kind of a loan. The mobile home loans don’t have a low interest rate. In fact the rate of interest is fixed and is equal to the market rate prevailing in a particular area.
Reason for availing Loans for Manufactured Homes
This kind of loans can either be taken for buying or refinancing a manufactured home, a residential lot on which to position the home, or a mobile home and the plot together. The home owned by this process must be the primary residence.
Most of these types of homes can be bought from dealers or retailers who deal with mobile homes. It’s your local retailer who can give you elaborate information about the specialized lenders. It’s best to flip through the pages of the local yellow pages to get the addresses of the retailers.
These homes which are financed by this type of home loans must conform to the National Manufactured Home Construction and Safety Standards. The amount of credit available through these home loans is directly proportional to the income qualifications. SO what are you waiting for?
Visit your nearest manufactured home loan financier and be a proud owner of a luxurious mobile home.