Like home loans for any other kind of real property, mobile home refinancing options abound when it comes to getting a better rate for your home.

It is noteworthy, however, that HUD has some rather stringent rules when it comes to mobile home refinancing options. Researching them ahead of time will save you time and money.

1. Understand the maximum loan amounts. A manufactured home loan which includes a lot of land cannot be more than $64,800. If you are thinking of refinancing with an eye on paying off your consumer debt but you lack the equity, you cannot qualify for a HUD loan.

2. Remember, loan terms are different for mobile homes than for site built ones. The maximum period of time for a mobile home loan is 20 years for a single section home and lot, and 25 years for a multi section lot as well as home.

3. Borrowers checking out their mobile home refinancing options must use the property as their primary residence and meet all of the debt to income ratios which applicants for site built home mortgages must meet.

It is noteworthy, obtaining the initial financing is actually easy, since it oftentimes comes from mobile home brokers who provide their own financing. The problem arises when a borrower seeks to refinance and rather than meeting all of the bank requirements does so with only limited funds or unfavorable debt to income numbers.

This underscores the importance of getting a great deal from the get-go rather than hoping to refinance at a later time, when one’s fiscal health might have suffered.