Mobile home parks are a popular choice of home and investment in the present day. There are various types of loans that buyers can apply for once they decide on the home of their choice.
The loans available are either fixed rate loans or adjustable rate loans. The basic difference between the two is that in case of fixed rate, the interest rate and the monthly payment rate remains fixed or locked for the entire period of the loan whereas adjustable rate loan or mortgage has fluctuating interest. This keeps keeping as per the market flux on specific index changes from time to time.
Loans available for purchase of home park loans are government loans or conventional loans. There are various government agencies that come forward to offer mortgage and assist a specific group of society. The Federal Housing Administration offers various subsidized loans with lower down payment requirements to its clientele and these loans are easier to qualify for. Veteran affairs loans also allow service and military personnel to obtain the home loans with easy down payment. It is easy for ex-servicemen to avail of this veteran affairs loan. Rural housing service is another organization that guarantees loans for rural residents with minimal closing costs and no down payment.
There are many states and cities that provide low to moderate housing finance programs and also assistance programs in down payment. These programs are more lenient on qualification guidelines and are often premeditated with lower straight fees. There are loan assistance programs offered at the local or state level. They allow the owner a tax credit for part of the interest payment. These programs are mostly fixed rate mortgages and have interest rates less than the current market.
Apart from these loans and mortgages, there are conventional loans and mortgages also available.