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A chattel loan might be your best option if you’re looking to finance a mobile home but you don’t want to buy the land. When you’re buying a mobile home in a mobile home park where you’ll ...
Mobile or Manufactured Home Loans: A chattel loan is often used to finance a mobile, or manufactured, home that sits on a piece of land that is being purchased. The traditional mortgage can’t be ...
Title II loans cannot be used for manufactured homes on leased land in manufactured home communities or mobile home parks. Down payments on a Title II loan can go as low as 3.5 percent, and terms ...
Mobile homes are no larger than 20 m × 6.8 m (65 ft 7 in × 22 ft 4 in) with an internal maximum height of 3.05 m (10 ft 0 in). Legally, mobile homes can still be defined as "caravans". Static holiday caravans generally have sleeping accommodation for 6 to 10 people in 2, 3 or 4 bedrooms and on convertible seating in the lounge referred to as ...
The MHINCC distinguishes among several types of factory-built housing: manufactured homes, modular homes, panelized homes, pre-cut homes, and mobile homes. From the same source, mobile home "is the term used for manufactured homes produced prior to June 15, 1976, when the HUD Code went into effect." [2] Despite the formal definition, mobile ...
Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.
Acquisitions of mobile home communities have been growing over the past decade with private equity firms and real estate investment trusts acquiring about a quarter of the lots available for ...
In real estate, creative financing is non-traditional or uncommon means of buying land or property. The goal of creative financing is generally to purchase, or finance a property, with the buyer/investor using as little of his own money as possible, otherwise known as leveraging. Using these techniques an investor may be able to purchase ...
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