Mobile homes are surging in popularity recently, especially among youngsters and people looking for an affordable alternative to traditional homes. With everything’s prices skyrocketing, not everyone can can afford financing traditional homes. For them, financing a mobile home is an option worth checking out.
While it is more affordable compared to traditional houses, it’s not cheap. You still have a mortgage to finance. Banks offer various types of loans like mortgage, personal, and chattel loans to help you finance your mobile homes.
In this post, we’ll explore what banks finance mobile homes in South Carolina and the options they offer.
Let’s dive in.
Financing A Mobile Home
Financing a mobile home isn’t that different from financing a traditional home. Rather, you’ll experience extra benefits for owning a mobile home. You’ll need to take out less money as a loan compared to traditional houses.
Most mortgage lenders don’t provide loans for mobile homes, but a lot of banks in South Carolina offer special finance plans for mobile homes. Mobile homes in South Carolina are eligible for loans backed by government entities like the FHA (Federal Housing Administration), and individuals can also avail of personal loan options.
What Banks Finance Mobile Homes In South Carolina?
Several banks in South Carolina offer various financing options. Some of them Include:
Wells Fargo specializes in mobile home financing in South Carolina. They’ve been in the industry for more than 15 years. With their competitive interest rates, terms, and straightforward application process, they’ve been the go-to bank for mobile home financing for years.
With their variety of loaning options like FHA, VA, and conventional loans, you can pick the one that best suits your needs. They also offer several financial resources to help you buy your mobile home.
The only downside to them is that they have strict requirements. Meaning, qualifying for their loans is rather difficult even if you have good credit. Their terms can also be a bit restrictive, so make sure to understand what you’re signing into properly.
First Citizens Bank
If you’re searching for a dependable and budget-friendly solution to fund your mobile home, taking a look at First Citizens Bank might be a prudent choice. First Citizens Bank boasts a longstanding history of more than a century in the banking sector, making it a reliable lender.
They present competitive rates, adaptable mobile home loan terms, individualized service, and proficient guidance. The advantages of opting for First Citizens Bank for your mobile home financing include:
- The potential to secure up to 95% of your mobile home’s value, spanning from $10,000 to $500,000 in loan amounts.
- A choice between fixed and adjustable rate loans, featuring terms from 10 to 30 years.
- The perk of minimal closing expenses and an absence of prepayment penalties.
- Multiple application avenues: online, over the phone, or in person at their branches.
- Account accessibility through their online portal, phone service, or mobile application.
Regions Bank is another great bank for financing your mobile home in South Carolina. They also have multiple branches in 15 states across the U.S. They offer fixed rates and adjustable rates so you can pick the right one for you.
Regions Bank stands as a well-regarded lending institution since 1971. They possess a cadre of adept and informed loan officers, capable of ushering you through the procedures and addressing any inquiries. In addition, their customer service division operates round the clock, providing aid for any matters or uncertainties that require attention.
They offer several types of loans for financing mobile homes like FHA loans, VA loans, Mortgage loans, USDA loans, and home equity loans.
CountryPlace is also a great option for financing your mobile home. They’re a direct lender with FHA, which enables them to offer incredibly competitive rates with down payments as low as 3.5%,
CountryPlace specializes in mobile home loans. They offer several financing and refinancing options like chattel loans, construction loans, and home loans. They also offer expert assistance to help you choose the right option for you.
To Wrap It Up
As you contemplate financing your mobile home in South Carolina, remember that the right bank can be more than just a lender; it can be a partner in transforming your housing aspirations into reality. With careful consideration and exploration, you can embark on a journey toward affordable and fulfilling mobile home ownership.