Financing
Finance institutions offer a variety of lending programs. Your home can be financed as personal property, on leased land, in a manufactured home community or on a privately owned site. Down payments and loan terms vary with the program you choose or qualify for – 5 to 10 percent of the manufactured home’s sales price is common and loan terms range from 15 to 30 years.
Most buyers arrange financing for manufactured home through the retailer from whom they buy their home. These retailers often maintain business relationships with a number of lending institutions – large national lenders as well as local institutions – and can assist in navigating through the home loan process. Of course you are free to shop independently as well.
Many buyers opt to put their manufactured home on land they buy or already own financing their home and land together as real property using conventional mortgage financing obtained through a traditional mortgage lender. Many conventional manufactured home lenders have credited land-and-home financing programs designed to accommodate this trend as well.
There are many factors that come in to play when financing a new manufactured home. Your income to debt ratio will be considered, credit scores for you and/or your spouse, down payments and the cost of the home.
FMHA Finance members offer competitive rates on both land/home packages as well as land lease home purchases. They are your #1 source for financing information on your new manufactured home.