Even when you are looking to purchase a home that is not permanently fixed to a particular property, as in a mobile home or a manufactured home, you can still get financial assistance to make your purchase. There are financial institutions that are offering mobile home loans at affordable rates. It is best to consult a mobile home loan expert in order to make sure that all your bases are covered. There are two types of financing instruments that you can avail of when you are looking for a mobile home financing instrument. The personal property loan is offered to those with homes on rented lots or in mobile home communities. The chattel loan, on the other hand, is offered to those whose properties are not fixed on a permanent foundation. In this case, you only take out a loan to purchase the mobile home itself.

The downside to taking out a mobile home loan is that you can only avail of this type of loan when your credit score is high. There are not many financial institutions that make mobile home loans available for those with not so good credit scores. Furthermore, those mobile homes that are already old and used cannot be purchased with a mobile home loan. Only those that are made after 1970. The reason for this is that mobile homes that were built prior to this year have not been regulated. Most of these older mobile homes also do not carry much value anymore. There are also those financing institutions that have age requirements on the mobile home that are acceptable for financing. Your debt to income ratio is also something that is brought to the forefront when taking out a loan for a mobile home purchase. Your financing institution will require documents and information that would help them determine whether your income and your expenses will result in enough money left over to pay for your loan.

A careful internet search will yield you a number of these financial institutions offering mobile home loans. If you want to find out which ones are the top three best rated lenders, you can find it through the internet. There are varying lists that could have different line-ups depending on the kind of mobile home you want to purchase and where you are located. The usual tips on finding the top 3 lenders come up with JCF Acceptance, 21st Mortgage, and Vanderbilt Mortgage. Check out banks in your locality too for mobile home financing instruments that they might be offering. Your mobile home community developer might also have their own list of brokers and financial institutions with which they have partnerships to give you better deals.

As in any type of financing instrument, an informed decision is one of the most important things that you should ensure. Do not make hasty decisions that you could get you into unforeseen trouble. Be sure also that you are dealing with a financial institution that is stable and reliable. You are likely to be duped into terms that work against you when you deal with fly-by-night mortgage providers.