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Financing

So whether you need a manufactured home loan for your land & home, or just for the home only we can supply the expertise needed to finance your new manufactured or modular home.

 

What types of loans are available?

 

Chattel loans refer to a mobile or manufactured home loan, where only the home will be financed.  Land is not involved in this type of transaction.  This is also sometimes referred to as ‘home only’ financing.

Equity Loans are available for ‘home only’ or land and home financing.  These loans can be used for borrowers facing obstacles related to credit.  Down-payment requirements may vary more than other options.

Land / home or conventional mortgage financing where the manufactured home is placed on land using an approved permanent foundation system and is subject to all conditions, regulations and taxation as real property.

FHA financing is where a lender uses their own funds to make a loan. Federal Housing Administration (FHA) insures the lender against loss if the borrower defaults. Down payment requirements and interest rates are normally lower than conventional manufactured housing financing.  There are requirements and restrictions on FHA insured loans, including approval of the home, retailer and installation.

VA loans are loans that are regular chattel or conventional loans that are insured by the US Dept of Veterans Affairs.

USDA loans are loans specifically for rural areas.  The US Department of Agriculture regulates these loans, which are basically conventional loans.