Mobile Home Loans

Types of Mobile Home Loans - "With Land" and "Without Land"

Moblie home loans
If you are looking for a mobile home loan, you have probably found that many of the regular banks no longer deal with this type of mortgage product. One of the main reasons for this is that mobile home loans are considered to be quite a risky proposition for lenders as they do not offer the security of a ‘real’ property. This coupled with the currently low interest rates and the plentiful demand for other, ‘less-risky’ types of mortgages means that many of the big players have opted to stay away from the mobile home market.

Before you begin your search for a mortgage loan for your mobile home, it is a good idea to do some research and to understand the basics of the mobile home loan market. There are essentially two types of mobile home loans: those for homes with land and those for homes without land.

If you are looking for a mortgage for a mobile home with land, there are various lenders who specialize in this type of mortgage. The majority of mobile home mortgage specialists do not require the home to actually be built, and as well as financing the construction of the property, they can also assist with land improvements.

For mobile home loans that do not include land, for example if the home is going to be kept on leased land or at a trailer park, it is important to realize that the home will not be viewed as ‘real’ property. As a result, this type of mortgage is considered relatively risky for mortgage companies to undertake, and as a result you may me across some difficulties in finding competitive loan rates and desirable repayment terms.








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