Over the last few years, manufactured homes have become a popular choice for new home buyers. Manufactured homes have broken the stigma and are now an attractive home option because of their affordability, customizations and safety rankings. In fact, an average of 22 million people live in manufactured homes today!
As manufactured homes have become more modern, so have the finance options. There are more options than ever before when looking to finance a manufactured home and beginning the process has never been easier. Are you ready to get started on financing your manufactured home? Here’s what you need to know to get the ball rolling on your new home…
What is a manufactured home?
A manufactured home is a home built off-site and assembled on-site on a rectangular chassis. Even though manufactured homes are factory-built, they are still built by a federal building code administered by the U.S. Department of Housing and Urban Development.
Are loans available for manufactured homes?
Because of the federal building code requirements, manufactured homes are eligible for FHA, VA, USDA and Conventional 15-year & 30-year mortgages, similar to traditional built homes. Additional financing options include…
- Bank or Credit Union Loans
- Fannie Mae
- Freddie Mac
- Personal Loans
What steps will I need to take to finance a manufactured home?
- Check Your Credit
Any loan you apply for will require a credit check. A higher credit score will help you to secure the loan you need and receive better rates from lenders.
- Search For Finance Options
There are a variety of loans to choose from and it’s important to research and find which one you qualify for. Most loans have detailed information online for you to compare and research. You can also contact a local mortgage broker to discuss your financial options and find which loan is best for you to apply for.
- Submit Your Application
Take the time to thoroughly read and complete your application.