Airdrie and Cochrane Mobile Home Mortgages

YYou can get a loan to buy a mobile home in Airdrie and Cochrane, whether you’re buying a new one to put on your own land or putting one in a condo community. You can also get a loan to buy a used mobile home, whether it’s on private land or in a retirement community. However, the process to get approved for a loan is a bit different. To get a loan for a mobile home, you need to own the land it’s on, not just rent the lot.

The Property Inspection

The inspection for your mobile home can only happen once it’s brought to its location, unless you’re buying a used one that is already affixed to the land. If it’s already on the lot, they’ll check if it’s securely attached to the ground. This could be through welding to pilings or attached to anchors. The purpose is to make sure the home can’t be easily moved and that you can get a mortgage on it.

Loan Terms

You can get a loan for up to 25 years for single family homes or condos in a multi-family complex. But for mobile homes, the loan length is based on how long the home is expected to last. If a inspector says it will only last 10 more years, you can only get a loan for 10 years or less. This is because the lender doesn’t want to own a home that’s worth less than the loan balance. A well-maintained mobile home can last 30 to 40 years, but without proper care, it may only last 25 years or less.

Home Affordability Calculations

If you own land, buying or installing a mobile home on it won’t be a problem. But if you’re buying a mobile home in a condo development or installing one on land in a condo development, the condo association fees will impact how much you can afford. These fees are in addition to the mortgage payment and can lower the amount you can borrow. Lenders will consider these fees in the debt-to-income ratio, but the fees for a single-family home are usually not considered. It’s best to talk to a mortgage broker to get an idea of how much you can afford and to find a lender with a lower interest rate.

Before you buy a mobile home in a condo development, research the condo association. Make sure you won’t be priced out of your home because of rising dues or fees for deferred maintenance. Find out if you’ll need to pay extra money up front or a transfer fee before closing. Also, make sure there aren’t a lot of unpaid dues in the development, as you may have to pay a large bill to make up the difference.

Call Airdrie and Cochrane Whalen Mortgages today to get started 587-388-0926.