Manufactured Home Loans
Manufactured homes are a great way to save money on housing without having to rent forever. They are, however, also more complicated to finance because of the way that they are built. Since these homes now look more like traditional residences than ever before, financing is becoming a bit easier but it does still take some work to get manufactured home loans.
Key tips for when you want to get a manufactured home loan:
- Make sure you have the right down payment (usually 5% of the home price) and list it as the right type of property. Some manufactured and mobile homes are considered personal property instead of real estate, putting them in a whole new category of lending.
- Decide whether or not you want to put the home on land that you own. This can give you better financing options, but it might not be an option for some buyers. If you are buying in a residential community, it might be a little bit harder to find the right loan.
- Don’t just take the first loan that you find, or the salesperson's financing at the community you are looking to buy in. There might be better loans out there and you have to compare your options before you choose a lender or loan.
- Manufactured home loans often appreciate and depreciate in value like cars and car loans because they are considered assets that are similar. If you place the home in an area where property values are appreciating, your home can be worth more in the future.
Advice on finding the best manufactured home financing:
Lenders should be able to help you explore the world of manufactured home loans and find out what kind of financing options you have. You need to find a specialty lender that knows all about this type of financing so that you can get the best loans and the information that you need about this type of lending.
Manufactured home financing is a little bit tricky, but it's definitely doable if you can find someone to help you along the way. As these homes become more residential and less 'mobile' looking, the loan process will continue to get easier, as well. Talk to lenders about your options and make sure that you know what you are getting into before you settle on buying a manufactured home. It can be a great way to save money, but the lending process can be difficult if you aren't prepared and informed for what you are getting into with manufactured home loans.
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