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How to Get a Mobile Home Loan in Idaho That Is in a Park

Mobile homes are a popular option for homebuyers who are looking for affordable housing. However, getting a loan to finance a mobile home can be a bit more difficult than getting a traditional home loan. In this blog post, we will walk you through the steps on how to get a mobile home loan in Idaho that is in a park.

1. Find a lender that specializes in mobile home loans

Not all lenders offer mobile home loans. So, the first step is to find a lender that specializes in this type of loan. You can do this by searching online or asking your real estate agent for recommendations. 1st Choice Mortgage has special programs, specificly for mobile home in Idaho. You can research those loan by following the link here:

2. Get pre-approved for a loan

Once you have contacted 1st Choice Mortgage, you will need to get pre-approved for a loan. This will give you an idea of how much money you can borrow and what your monthly payments will be.

3. Provide the lender with the necessary documentation

1st Choice Mortgage will need to see a variety of documentation in order to approve your loan. This includes your income statements, tax returns, and credit report.

4. Close on the loan

Once you have found the best loan, you will need to close on it. This is the final step in the process and it is when you will sign all of the paperwork and receive the money.

Here are some additional tips for getting a mobile home loan in Idaho that is in a park:

  • Have a good credit score. Lenders will look at your credit score when they are deciding whether or not to approve your loan. A good credit score will help you get a better interest rate.
  • Make a down payment. A down payment will also help you get a better interest rate. The more money you put down, the lower your monthly payments will be.
  • Be prepared to pay closing costs. Closing costs are fees that are associated with getting a loan. They typically range from 2-5% of the loan amount.

If you are considering buying a mobile home in Idaho, it is important to do your research and understand the process of getting a loan. By following these tips, you can increase your chances of getting approved for a loan and financing your dream home.

Posted by 375loan at 9/1/2023 2:16:00 AM


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