Manufactured Homes Financing
Buyers of manufactured homes often love the ability to customize their homes' floor plans and choose their own lots, living where they want in the exact kind of home they want. But manufactured homeowners also have an array of options open to them for manufactured homes financing. From combined home/lot loans to individual home and lot loans to conventional and variable rate mortgages, manufactured homes financing options can be tailored to meet your needs perfectly.
Manufactured homes financing options include purchasing new homes, buying resold homes, and refinancing already-owned homes. Manufactured home dealers can, in some cases, assist buyers in arranging for financing; some dealers offer these services as part of the real estate services available. Home buyers may also arrange for financing through third-party lenders, like their own banks or credit unions. Interest rates and loan repayment terms and requirements may vary greatly between dealer-financed loans and independent lenders; it's always wise to do your research well in advance so that you're not rushing around trying to secure financing after you've found the home you've got your heart set on. You also want to be sure you know what financing options are best for your financial circumstances.
Manufactured homes financing usually takes the form of either a personal property loan or a mortgage loan. Other loan options include a home-only loan, or a loan that incorporates the purchase of the home and the home site. Conventional mortgages are common, as are variable rate mortgages. Conventional mortgages usually have a fixed rate that never changes for the entire life of the loan. A variable rate mortgage has an interest rate that fluctuates, meaning your payment may go up or down depending on the interest rate, perhaps dramatically, over the course of your loan. FHA and VHA loans may be manufactured homes financing options for those who qualify.
You should always make sure you are aware of the requirements on the part of the borrower (for example, is there a minimum down payment?) and/or the minimum requirements of the home to be purchased (i.e., must the home meet any specifications or minimum standards for construction, installation, etc.). Other loans have restrictions on the maximum loan amount or maximum term (length) of the loan.
Visiting lenders to get pre-qualified may ease your manufactured homes financing, once you're ready to make your purchase. You'll want to check each of the three major credit bureaus for your credit report too, to make sure that the information there is accurate; this is the information that lenders will use to decide your creditworthiness and the terms of your loan, including the interest rate. You can pull your credit report from each of the credit bureaus online; each charges a small fee.
Review all your loan paperwork prior to signing anything. People are only human and mistakes can be made, so carefully examine all of your manufactured homes financing papers so that you're agreeing to the same loan amount, interest rate, and repayment terms you applied for in the first place. Once you sign off on the financing, errors can be costly to fix, if it's even possible to fix them.
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