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Mobile Home Mortgages.
Mobile Home Mortgages Made Simple.
Ontario, British Columbia & Nova Scotia.
What is A Mobile Home?
Mortgages for mobile homes.
A mobile home is typically prebuilt in a factory and then delivered to a site where it is installed and lived in by the owner of the mobile home. Mobile homes are typically located in mobile home parks, or, situated on land that is owned by a property owner. Mobile and manufactured homes are positioned on owned land or leased land and typically provide a cost-friendlier homeownership option for a segment of Canadian’s and might appear to those at a certain stage or life or certain lifestyle and enjoy the aspect of residing in a mobile home community. In either case, we are referring to mobile and manufactured homes that are secured to foundation, usually poured concrete, and are typically classified as either single-wide or double-wide mobile homes, the latter usually being larger.Â
Apply for a mobile home mortgage.
How to apply for a mobile home mortgage.
There are similarities between how mortgage lenders evaluate mortgage financing requests on traditional residential properties as they do for mobile homes; the main difference is that very few lenders provide financing on mobile homes, especially if the mobile home is on leased land. Typically speaking, there is a smaller market of buyers considering mobile homes, and this presents a marketability risk for mortgage lenders as they prefer lending on real estate that is marketable and liquid. Mobile home financing is not possible; there are fewer options and additional underwriting requirements imposed by mobile home mortgage lenders. In addition to acceptable income credit and debt service ratios, mobile home lenders will assess the location of the mobile home and whether the mobile home is on leased or owned land (in a mobile home park or on a lot owned by the borrower). Mobile home mortgage lenders will also assess whether the home is a single-wide or double-wide mobile home, the year built, the model, the square feet, the condition and whether the mobile home complies with respective regulations.
Mobile Home Mortgage lenders.
Best Mobile Home Mortgages in Canada.
As previously mentioned, very few lenders in Canada provide mobile home mortgages, which may prohibit those wanting to purchase a mobile home and current owners of mobile homes from obtaining financing. DV Capital provides mobile home mortgages to those looking to buy mobile homes and those looking to refinance their mobile homes, provided sufficient equity or a down payment, regardless of being turned down elsewhere. Our approval guidelines and underwriting criteria are typically much less stringent than traditional mortgage lenders. We provide mobile home mortgages for mobile homes on owned and leased land. We have facilitated financing for many situations ranging from mobile homes on leased land in a senior-community mobile home park in Peachland, British Columbia, to Puslinch, Ontario and Fort Erie, Ontario. Contact us anytime to learn more about our mobile home mortgage funding program that assists purchasers and current owners of mobile homes on owned and leased land in Ontario, British Columbia and Nova Scotia.
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DV Capital Corporation.
Local: 416-839-5874
Toll-Free: 1-866-839-5874
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FSRA License: 13186
NS License: 3000348 | 3000349