1st Time
Home Buyer Loan For Manufactured Home
If you're a first time home buyer interested in a loan for
a manufactured home, finding the right terms is crucial. There
are many factors involved: what kind of home you are seeking
to buy, your current income, and your credit history. Educate
yourself before you start shopping for a manufactured home--or
a loan--to get the best possible deal for you and your family.
Did you know that mobile homes were originally classified
as vehicles? That's because, like a car, mobile homes tend
to depreciate in value over time. This makes it trickier to
finance a mobile home through a bank--they prefer an asset
that they can sell to recoup any losses if you end up defaulting
on the loan. Single-wide models tend to depreciate the most;
double-wides retain value better. There are lenders that specialize
in manufactured homes; they generally require that the home
is permanently affixed to a foundation. Most lenders prefer
to finance mobile homes built after 1984; the oldest models
they will consider are those built after 1976. Keep in mind
that if you buy a mobile home, there are specific zoning laws
that specify where they can be installed.
The other type of manufactured home available on the market
today is a modular home. Modular homes are built in pieces,
and are trucked to the property and assembled by local contractors.
Modular home are usually indistinguishable from "stick-built"
homes once they are put together. Most neighborhoods accept
modular homes, and they can be financed like traditional houses.
Buying Your First Manufactured Home
Before you shop for financing, check to see if you qualify
for any special programs such as an FHA or VA loan. Also,
get a copy of your credit report and make sure everything
on it is current and accurate: this can affect the loans and
interest rates you are offered. With a little preparation,
a first time home buyer can find the right loan for their
manufactured home.
|
