Mobile homes, prefabricated homes, prefabs, doublewides, modular homes, tin cans, tornado magnets - we have all heard these tags (and many more) that are often put on mobile or prefabricated homes. In some respects, these labels may be well deserved as there is ample case history to highlight the questionable quality of many mobile homes. However, this may now be changing as this dwelling model offers very affordable options and its quality of construction and appearance has changed drastically in the past decades. This low-cost housing option no longer automatically equates to low quality.
Mobile home parks have some uniquely attractive attributes, but the most appealing one is the fact that many financing options are available for them. You will find more creative financing options in mobile home park loans than in all the other sectors of real estate. And this allows new investors to enter the business with lower risk and less hassle, as well as seasoned investors to take advantage of some extremely attractive structures.
Finance for purchase of home park loans are government loans and conventional loans. There are various government agencies that come forward to offer mortgage and assist a specific group of society. There are loan assistance programs offered at the local or state level. They allow the owner a tax credit for a part of the interest payment. These programs are mostly fixed rate mortgages and have interest rates lesser than the current market.
Mobile home parks have some uniquely attractive attributes, but the most appealing one is the fact that many financing options are available for them. You will find more creative financing options in mobile home park loans than in all the other sectors of real estate. And this allows new investors to enter the business with lower risk and less hassle, as well as seasoned investors to take advantage of some extremely attractive structures.
Finance for purchase of home park loans are government loans and conventional loans. There are various government agencies that come forward to offer mortgage and assist a specific group of society. There are loan assistance programs offered at the local or state level. They allow the owner a tax credit for a part of the interest payment. These programs are mostly fixed rate mortgages and have interest rates lesser than the current market.
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