Financing a manufactured home can be done in several ways. The options for you depends on your level of credit, the size and value of the home and your income. Your preferred banks or credit unions will help create a solution that suits your needs. At Best Buy Homes we’re willing to help with advice and questions and even recommend quality lenders who are specialists in manufactured home financing.
Since the cost of a new manufactured home is often significantly less than the cost of a new traditional home, the down payment will also be much less. This is a great way for first time home buyers to get into the market with a solid home that is well built and economical. Interest rates vary, but typically are similar to what you would pay for a mortgage on a traditional home. Available terms on manufactured homes can extend as long as 25 years, the same as a traditional home loan. A pre-approval can be a great way to start the process and understand what your options are.
Banks treat manufactured homes a little differently than traditional homes. In some cases, a mortgage can be set up, depending on the bank and home you are looking to purchase. There are other types of loans available, most commonly set up through credit unions. Credit unions can be less rigid in their financing requirements and are often a more flexible way to secure financing. It is often best to contact more than one financial institution to see what package (interest rate, terms, and payments) work best for your lifestyle.
Let us help you consider your best option to start the process of borrowing for your new home. With 50 years of experience we are happy to lead you in the right direction. Contact us for details.