Mobile home equity works in the same way that "regular" home equity works: The equity is roughly equal to the amount of money that has been paid into the home. Because mobile homes are often far less costly than "regular" homes, the equity is usually also far less than the amount of equity that can be built up on a "regular" home.

Unfortunately, for people who want to take out a mobile home loan there are extra restrictions that people with "regular" homes usually do not have to face. For one thing, banks and major financial institutions are leery of offering loans on mobile homes because mobile homes usually have a much higher rate of defaults and home foreclosures than "regular" homes do. Here is a run down of the basic rules that need to be met to qualify for a mobile home equity loan:

The home must have been built after 1977.

It must be built and up to code according to the standards issued by the Housing and Urban development department.

It must also meet certain square footage and size requirements.

It must be liveable and, in the event that it is not a newer manufactured home, it must have skirting.

A lot of financial institutions have decided that mobile homes present too much of a financial risk to grant equity loans to owners.

Obviously, before you take out a loan, you will want to make sure that you actually need one. Is there another way to get the funding that you need? Do you even need the funding or can you work out other payment arrangements? What is the money going to be used for? Answering all of these questions for yourself can help you decide whether this is even worth pursuing.

In the event that you do decide to apply for a loan, you will want to do your research. Find out who deals in mobile homes in your area and make appointments to talk with them. Learn all you can and then choose the deal that works the best for you. The more you know before you head into the lender's office, the better off you will be.

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