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Finding Your Mobile Home Financing Like many aspects of the Mobile Home, financing is different and a little more difficult to find. There aren't as many lenders, the interest rates are higher, and it is tougher to qualify. However, considering the number of people living in them, it is obviously available. There are several different ways to arrange financing. Traditionally, mobile homes have been treated as personal property rather than real property and were financed with personal loans, secured by the home, in much the same way cars are financed. Today, there are also mortgage loans available for homes that have been permanently attached to the property. The federal government, through The Department of Housing and Urban Development, works with private lenders to insure FHA loans for mobile homes and lots.Title I manufactured home loans are not Government loans or grants, and are not low interest rate loans. The interest rate is fixed and is generally based upon the prevailing market rate in the area at the time the loan is made. FHA does not lend money. A Title I loan may be used for the purchase or refinancing of a manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrowers.
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