How To Apply For A Mobile Home Mortgage

Are you looking for a mobile home mortgage with the best rate and biggest value? Santiago Financial specializes in manufactured home financing and mobile home mortgages. We’re here to lend our expertise to you while you make your next life-changing investment.

The Growing Popularity of Mobile Homes

With over 5,000 mobile home parks in the state of California, manufactured, modular and mobile homes are becoming more and more of a sought after mode of living and homeownership. We can help you every step of the way, from credit application to financing and mobile home park approval.

The public opinion of mobile homes is changing and we absolutely support it. Mobile homes are a wonderful investment for many people. In fact, it is a great opportunity to invest in a family home without putting too much additional strain on your family’s finances. Many find them to be an affordable homing solution that also allows them to invest in their very own property.

The disconnect in the real estate industry has been wide for too long. It has caused many to choose between rentals that make their money simply disappear and straining for homes that cost too much and realistically offer more space than a family needs. There are benefits to both of these options, but they can be incredibly limiting. For some, mobile homes are simply a better fit. If you are ready to invest in property but aren’t keen on the idea of making such a large investment, you will understand why so many people are beginning to consider mobile homes as an option.

Every day, more people are realizing that they don’t need to invest in a several hundred thousand dollar home to enjoy a nice place to live. Mobile homes are well-built and realistically sized homes that can be purchased for a fraction of the cost of traditional homing options. It is a very good deal, which is why so many are starting to choose mobile homes instead of traditional homes or continuous rentals.

Why Should I Choose A Mobile Home?

Mobile homes are a wonderful opportunity for those who are interested in investing in their own property. A mobile home allows you the complete home experience, but also comes with plenty of other perks that make it a worthwhile investment for so many future homeowners.

The first and most obvious perk to choosing a mobile home is that it is a much cheaper alternative to traditional homing options. In many instances, mobile homes make it incredibly easy for you to save money each month and also claim full ownership of your property much faster. Traditional home loans can span across decades, but mobile home options don’t need to because the overall cost of the home is much lower.

In addition to a lower price, mobile homes give you more of a say in where you live. Mobile home parks can be found all over California, allowing you to easily choose an area that you would like to live and move in quickly. Traditional homes, particularly brand new ones, must be built. This can take a long span of time to ensure that you can live in the area that you are interested in.

Mobile homes are also well-known for allowing you to get a brand new home. In today’s world, brand new homes are a sizable investment. They come with many additional costs and force you to wait a long time before you can even move in. Mobile homes can be built quickly and allow you to move in almost as soon as you are able. Many find this to be one of the best elements of purchasing one since it means you can get your brand new home almost immediately.

One of the more modern reasons to invest in a mobile home is that they come with a smaller use of resources and space. They are distinctly more eco-friendly than other home options because of this. Since they are compact in size, they have a smaller physical and ecological footprint in many cases.

Why Do Mobile Homes Have A Bad Reputation?

For a very long time, mobile homes were often criticized unfairly for simply being smaller and more affordable. In a world that constantly praises the idea of living in a mansion, mobile homes presented an affordable solution with a reasonable amount of space. The simple truth is that many simply assume that because mobile homes are cheaper that they must be cheap. This is an incorrect assumption. In fact, mobile homes can be fully customized and some of them are absolutely stunning.

In addition to the belief that they must be cheap, there is an ongoing belief that mobile homes are not real homes. All mobile homes are built to specific HUD building codes that force them to meet the same needs of any other home. This means that the mobile homes being made are built in a similar fashion to traditional housing options and are in compliance with the same regulations. Mobile homes are safe, secure, and more importantly, they are very real homes. Mobile homes are simply homes that are built differently and on a smaller scale. It’s that simple.

How Hard Is It To Get A Mobile Home Mortgage?

Mobile home mortgages are incredibly easy to get, which is another reason that they are becoming more popular. Many individuals are looking for a chance to buy their very own home but are worried about the high cost of a traditional home. Even worse, a wide variety of people don’t qualify for traditional home mortgages because of how many requirements there are to get them.

Unlike traditional home mortgages, mobile homes are fairly easy to obtain. Since the cost of mobile home mortgages is low, the qualifications are much more manageable, particularly for single-income homes. The last thing that anyone needs is to put themselves in near financial ruin just to have a nice place to call home. Fortunately, mobile home mortgages are generally affordable for the average individual, even those who rely on government benefits.

As a lending company, we do have certain qualifications that we require. Our qualifications can help us to ensure that you are not in over your head when it comes to signing on a loan. By working with us, we can provide you with feasible loan options that suit your lifestyle, and we will tell you within two days if you have been approved so that you can take active steps to move into your new home.

We cannot guarantee that you will qualify for a mobile home loan with us, but we can say that the approval process is much friendlier than most people think. If you aren’t certain whether or not you will qualify, leave that to us. When you work with us, we will be able to help you to understand what it is that will be the right fit for you, and we are happy to offer options to ensure that you are getting a loan that you are confident in.

Mobile home loans are a friendly alternative to traditional home loans and make it easy for families to enjoy a nice living space without completely breaking the bank. Our team is always ready to work with you to help you to end up in a home that will serve you well for years to come. It is more possible than you think, so give us a call for a consultation to see what we can do for you!

Do I Need A Downpayment?

Unlike traditional home mortgages which almost always require a very large down payment, mortgage home loans tend to be much more affordable. In many different cases, a down payment isn’t required at all. This means that you can easily sign on your loan and get started on securing your home immediately.

Down payments are always an option because they can lower your overall monthly cost, but they are not always a requirement. We find that our customers appreciate the lack of down payment because it helps to ease their transition. Our team knows just how expensive a move can be, which is why we are happy to offer our customers the chance to have a little extra money saved up before they move.

How Do I Apply?

Our application process is versatile enough to work with all kinds of applicants. When you apply with us, you can apply online, in-person, or even over the phone. Our application process involves obtaining some information, learning a bit about your financial situation and your home goals, and then gathering any other relevant information that can help us to get you into your new home more quickly. Reach out to us at any time to get your loan application started!