How Do You Finance A Used Single Wide Trailer?
For many families, the cost of buying a stick-built home is too high to be affordable. For others, financing is a problem because of past credit issues. Because of these problems, financing a used mobile home has become a valid option. To finance a used single wide trailer, you can look into two distinct methods of purchase. There are both government and private methods to use when financing a used single wide mobile home. Look for an FHA (Federal Housing Authority) approved lender in your area. Use these lenders to apply for a HUD (Housing and Urban Development) home loan. Meet with the lender to discuss your specific situation. Go over the guidelines of a HUD loan and FHA home qualification requirements. Go to the HUD and FHA websites to research these guidelines. Look for a used single wide trailer once you are pre-approved for financing. FHA and HUD guidelines stipulate that the housing must be on a permanent foundation and that you are purchasing both the home and the land it sits
