Mobile homes, sometimes called manufactured homes, may be a great home for your family however it is important to know that there are special requirements for financing. Many people have troubles getting their mobile home financed because most banks do not have mortgage options available.
Manufactured homes are (wrongly) considered inferior to site-built homes. Since most lenders compare today’s manufactured homes with previous mobile homes or travel trailers, they remain hesitant to offer conventional mortgage financing typically set to be repaid in 30 years.
Manufactured homes account for 6% of all occupied housing, but a much smaller percentage of home loan originations, according to a report issued by the Consumer Financial Protection Bureau (CFPB.
FHA loans, plus financing from USDA and VA, are other avenues to finance a manufactured home. Personal loans can work, too.
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Buying a new home is a major investment that often requires a hefty down payment and expensive, long-term loans. For people on a tight budget, buying a mobile home or a manufactured home is a more attractive option that offers a wider range of flexibility than traditional or stick-built homes.
Hi Jayboltz, Manufactured homes are financed by specialized group of lenders but to obtain financing you need to have permanent foundation. Regarding Flagstar, we do have a community member, Eugene associated with the bank.
The Cascade Difference. When it comes to financing manufactured homes, Cascade is one of the top rated manufactured home financing companies in the country. We have a long history of customer satisfaction and offer financing for manufactured and modular homes in 35 states. Although Cascade is an industry leader in financing manufactured homes,
Mobile home loans in Michigan are tough to come by. Riverbank Finance offers low fixed rates for your Michigan mobile home loans.
It isn’t always easy to find manufactured home financing or mortgages. Usually the retailer refers the customer to a bank or a loan broker representing a bank. Most banks that finance new manufactured homes have similar "one-size-fits-all" guidelines with little flexibility in terms, conditions, and rates.