Financing A Manufactured Home

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Financing A Manufactured Home

Posted by Tim on November 28, 2023
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If you’ve been considering purchasing a manufactured home, you should know that financing options can differ from traditional site-built housing. In this blog post, we’ll shed light on what homebuyers should know and things to consider, mostly depending on whether you own the land where the home will be placed or if you will lease the land.

There are two main ways to finance the purchase of a manufactured home. Conventional mortgages are available to qualified buyers who purchase their manufactured home along with a parcel of land. Personal property loans are available for homes located on land the buyer does not own, such as a manufactured home community, or when only the home is being financed and not the land.

Several lenders offer mortgages and personal property loans for manufactured homes insured by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the Rural Housing Services (RHS) under the U.S. Department of Agriculture. At HomeQuest, if our homebuyers need recommendations, we frequently suggest Triad Financial Services, 21st Mortgage, Santiago Financial, and U.S. Financial to start the process.

Interest rates for manufactured homes vary from low FHA-insured mortgage rates to higher rates based on the age and size of the home, the amount of the loan, the amount of the down payment, the term of the loan, the site location, and the borrower’s credit.

Even though the interest rate may be higher on a personal property home loan than a conventional mortgage, loan payments are often less than a mortgage for a site-built home loan and often less than renting a comparable condominium or apartment.

When you are ready to buy a manufactured home, be sure that your financial situation is in order, including knowing your credit score and having enough money saved for a down payment and closing costs. Just like with a traditional home loan, the lender will request your bank statements, pay stubs, tax returns, and other financial records.

The more prepared you are, the faster and smoother the approval and financing process will be. Also, getting pre-approved by a lender will help you determine your budget for the type of manufactured home you will qualify for, as well as the location. When calculating your budget, you will need to include all homeownership costs, including the land rent, finance charges, homeowners insurance, taxes, and maintenance.

Founded in 1998, HomeQuest is one of the largest manufactured home retailers in the Western U.S. Originally established as J&H Home Sales, HomeQuest is an authorized dealer of new homes representing seven leading manufacturers, with more being added this year. The company also offers resale services for mobile and manufactured homes throughout the Western U.S. 

For more information on how HomeQuest can help you purchase or sell a mobile or manufactured home, reach out to us at (866) 720-2207.

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