When it comes to financing a mobile home or manufactured home in north carolina, there are several options you can consider. These options include a variety of government-backed loans and other types of financing that are available through private lenders.
Mobile Home Financing in North Carolina
- FHA Loans: For those with low credit scores and who don’t have enough money for a down payment, the Federal Housing Administration (FHA) offers a home loan that can help you purchase a mobile home. These loans don’t require a down payment and interest rates are generally lower than other traditional mortgages.
- VA Loans: For those who are veterans or service members, these loans can be a great option for buying a mobile unit. These loans have no down payment and are backed by the Department of Veterans Affairs.
- USDA Rural Development Loans: This type of loan is especially attractive to those who don’t have a lot of cash for a down payment and want to buy a mobile unit that’s located in an area where the land meets the required standards. This type of loan can be used to finance the entire value of a mobile home and the land on which it sits, so long as the property is within a USDA-approved rural development area.
- Credit Unions: Most credit unions have programs that make it easier for those with poor credit to qualify for home loans. These loans often have lower interest rates and other benefits that can help you save thousands of dollars over the life of the loan.
- Chattel Loans: For those who want a loan that’s more like a traditional mortgage than a personal loan, a chattel loan is a great option. This type of loan resembles an auto loan in that the home serves as collateral for the loan. It’s often more expensive than a traditional loan because it’s unsecured, but it’s also less risky than other loans.
- Credit Unions: Historically, credit unions are more likely to lend to mobile home buyers than other types of lenders. This is because a credit union typically carries less risk than a bank and they may be more willing to take on the risks of lending to someone with poor credit.
- USDA Loans: Mobile Home Financing in North Carolina with no down payment is easy with a USDA loan. This loan can be used to buy a mobile or manufactured home that’s built on land you own or plan to buy.
- Credit Unions: Many credit unions have programs that can help you obtain a mobile or manufactured home loan even with poor credit. These loans can be secured by using the equity in your current property or by adding additional equity to your home.
