How to Find California Mobile Home Mortgage Lenders

California mobile home mortgage lenders can be a little more difficult to find than normal home lenders. This is because you usually have to find a company that specifically specializes in this area. Despite these limitations, you do have options and you can find the loan that you need. This website will show you three of the best ways to get mobile home loans in California.

Search the Internet for Specialty Lenders

Doing a simple Internet search for “California mobile home mortgage lenders” will bring up a list of specialty lenders who lend exclusively to those purchasing a mobile home. Mobile home loans in California are a great resource for those who want to purchase a mobile home, but they can come at a price. This industry is loosely regulated, so you may end up with a high interest loan no matter how great your credit may be. At the end of the day, these California mobile home mortgage lenders may be the only way that you can get a mortgage, if one of the following two options does not work for you.

Inquire About a Retail Installment Contract

A Retail Installment Contract is where your mobile home retailer finances you. With this method, you will pay your home off in installments rather than one lump sum. In a sense, your retailer becomes your lender. The biggest disadvantage to this is that your retailer may not want to wait as long to receive all of his money as other California mobile home mortgage lenders would. Therefore, your payments may be much higher than they would be otherwise. Luckily, if you choose a relatively cheap home, then your payments won’t be much more than a traditional mortgage on a traditional home … you just won’t have to pay that large amount for 30 years.

Apply with the FHA

The FHA offers Title I and Title II loans for mobile home buyers. FHA Title I loans are suitable for anyone who wishes to buy a mobile home, assuming they qualify. With a Title II FHA loan, you are required to have your home on a permanent foundation, rather than just sitting it in a park. These loans may be best for those who have their own property to sit their home on or who are going to be living in a very long-term location. This is also required if you want to get your loan through other California mobile home mortgage lenders, but want it insured by the FHA (the FHA promises the lender that they will pay all or a portion of your loan amount if you default).

When it comes to mobile home loans in California, these may be your best three opportunities to successfully finance your home. Hopefully by the time you have exhausted these options you will have found a way to pay for your new mobile home, so that you can fulfill your dream of homeownership.