Mobile Home Financing

Manufactured Home Loans

 

Manufactured home loans are a type of mortgage financing specifically designed for purchasing manufactured homes. These homes, also known as mobile homes or modular homes, are factory-built and then transported to a permanent site.

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Manufactured Home Loan Programs

Manufactured home loans can be a great option if you're looking to finance a factory-built home. Here are some key points to consider:

1. **Types of Loans**:
- **FHA Loans**: These are government-backed loans that can be used for manufactured homes, provided they meet certain criteria.
- **VA Loans**: Available to veterans, these loans can also be used for manufactured homes.
- **USDA Loans**: These are for rural areas and can be used for manufactured homes.
- **Conventional Loans**: Some lenders offer conventional loans for manufactured homes, but they may have stricter requirements.

MANUFACTURED HOME LOANS

2. **Loan Requirements**: - **Credit Score**: Generally, a higher credit score will get you better terms. - **Down Payment**: The amount required can vary, but it's often higher than for traditional homes. - **Interest Rates**: These can be higher than for traditional homes due to the perceived higher risk.

MANUFACTURED HOME LOANS

3. **Property Classification**: - **Real Property**: If the home is permanently affixed to land you own, it may qualify for traditional mortgages. - **Personal Property**: If the home is on rented land, you might need a chattel loan, which typically has higher interest rates and shorter terms.

MNANUFACTURED HOME LOANS

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