Where Can I Get A Loan To Buy A Manufactured Home ?

line
 

 

line

Where Can I Get A Loan To Buy A Manufactured Home ?


Apartment Listing  

Manufactured homes have always been looked down upon. People living in ‘trailer parks’, as they were called, used to be part of the lowest rungs of the consumer hierarchy.

However, today, manufactured housing has got a fancy name and a higher status. One in every three houses purchased in the United States is now a manufactured home.These homes are improved in quality and assembled seamlessly. They are hardly distinguishable from conventional homes. Manufactured homes are becoming the home of choice for people, who are on a fixed and limited budget.

If you want to avail a mortgage to purchase a manufactured home, here are some things that you need to take into consideration:

  • The mobility of your new home is a key consideration for any lender. A home with a high amount of mobility will invite a personal loan from a lender, as opposed to a mortgage. In fact, financing a manufactured home with a personal loan has been the normal practice over the last few decades. These loans require a down payment 10 percent and have higher rates of interest than most mortgages. However, the rapid growth of the manufactured home industry has attracted many lenders and lowered the rates. Today, a 5 percent down payment, and gradual repayment of the loan over 20 years has become the norm.
  • If the manufactured home is fixed and cannot be moved, and the homeowner also owns the land it stands on, then it is likely to be financed as a regular mortgage. This means the rates will be considerably lower.
  • Retailers or sellers of manufactured homes often extend loans to their customers.

More Articles :

Where Can I Get A Loan To Buy A Manufactured Home

 
line
money

Home Loans :

Who-Is-The-Best-Lender-For-Home-Refinancing-Loans      Refinancing basically refers to replacing your existing mortgage with a new one to alter the terms of the debt, which could be a reduced rate of interest or increased duration of debt repayment. With the decreased liquidity in the global economy, refinancing has become the most opted form of home improvement or buying new houses in the U.S. More..



 
line
bottom
 • Home  •Commercial Real Estate  •Foreclosure  •Moving   Packing Property Taxes
 •Termite •Interior DesignRenting Laws Privacy Policy Contact


© 2010 Apartmentlisting411.com, All Rights Reserved.
Where Can I Get A Loan To Buy A Manufactured Home ?