Obtaining A Manufactured Home Loan

Most people call a manufactured home by the old term mobile home.  However, the homes really are not very mobile.  Most of them are moved one time, from the manufacturer’s plant to the home site.  Basically, a manufactured home is a factory built home that is transported to any location on their own chassis and wheels.

Many banks will not finance a manufactured home unless it is a doublewide that has been placed on a permanent foundation on land owned by the borrower.  This is preferred by many banks because the risks are much lower.

Manufactured homes are also eligible for FHA and VA loans.  The terms of your load will be based upon your credit rating.  The better your credit rating, the easier it will be to get a home loan.  You will be required to make a down payment; typically this will be 10 percent of the loan value.  For many manufactured home loans, the more money you include on your down payment, the lower your interest rate will be.  

Manufactured homes are built to federal standards that regulate the quality, strength and durability of the home.  It is possible to get a manufactured home that has a higher energy efficiency rating than a regular site built home.   Many manufactures will warrant their home for one, five, or even ten years.  

So if you are in the market for a new home, you should consider a manufactured home.  They are built to high quality standards and you can obtain favorable interest rates when you finance them.