Mobile home loans can be divided into two categories, the conventional and the government loans. Government loans include Federal housing administration, Veteran affairs loans or loans from the rural housing service. Any other type of mortgage is called a conventional one.
The Federal Housing Administration administers various mortgage loan programs. These loans have lower down payment requirements and are easier to qualify for. Veteran affairs loans allow service and military personnel to acquire home loans. It is also easier to get a Veterans affairs loan. The rural housing service guarantees loans for rural residents with minimal closing costs and no down payment.
Conventional loans may be conforming and non-conforming. Conforming loans offer a nonstop flood of reasonable funds for home financing that results in the accessibility of mortgage credit for Americans. Loans can also be classified as Fixed rate mortgages or Adjustable rate mortgages. In case of a fixed rate mortgage loan, the interest rate and the mortgage monthly payments remain fixed or locked for the period of the loan. 30 and 15 years are the most common mortgage terms. However with the traditional 30-year fixed rate mortgage, monthly payments are lower than on a shorter-term loan.
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The loans are calculated in a manner such that at the end of the term the entire mortgage is paid in full. The initial installments of the pay back are generally interest heavy and slowly taken over by the principal towards the end of the term. Adjustable rate loan or variable loan interest rates rise and fall over the phase of the loan. These adjustments are based on market fluctuations or on definite index changes.
The correct type of mortgage basically depends on how long the homeowner plans on staying in the house and the amount of monthly payment he can afford easily.