What is the best way to finance a manufactured home?

Manufactured homes are as popular as ever. People are making a beeline for them. The recession is over and it makes sense to buy one. Some buyers have ready cash. Others have to take out loans. Finding the right lender is a process. Many mortgage lenders do not dole out cash to buy a manufactured home. The FHA Manufactured Home Loan is the only type of mortgage available for manufactured homes, with a few exceptions.

The FHA Manufactured Home Loan is preferred by most lenders. A plethora of opportunites are available for people who opt for this loan. Usually people want a Title 1 loan. This type of loan is advantageous to the lender because it is not based on government support or grants. These loans give home owners a twenty year fixed rate.

You can meet lenders that can handle your needs be because the loans are insured. With this loan, you can buy either a lot or both a home and a lot. It is required that the home should be your permanent residence.

An FHA Manufactured Home Loan lets you borrow between approximately $70,000 and $93,000. You can repay the loans withing 25 years in some instances. To secure an FHA loan, you must meet certain requirements.

Although conventional creditors do not offer financing for manufactured homes, FHA Manufactured Home Loans are available, even for existing homes.

Entry Filed under: mortgage lenders

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