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The process of financing a manufactured home is different from that of a single-family home or townhome. <\/p>
Manufactured homes are considered personal property and not real estate by lenders. <\/p>
The manufactured and modular home loans are more like a car loan than a mortgage with the requirement of higher credit scores, higher down payments, and higher interest rates.<\/p>\n
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With changing times even the lender\u2019s views on helping with finance for home shoppers of manufactured homes are changing. <\/p>
The modern-day quality of manufactured homes is increasing the longevity of the dwelling compared to the manufactured homes earlier. <\/p>
In contrast, buyers are more interested in traditional home loans than the manufactured homes. <\/p>
The HUD-backed FHA loans and VA loans, which are Government-insured loans, also have financing options for manufactured or modular homes. <\/p>
Similarly, home shoppers can get help from banks and home manufacturers who offer more traditional chattel loans and mortgages.<\/p>\n
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The finance you are eligible for depends on the property conditions. If you invest in a quality home, have your own land, and fix the home on a permanent foundation then you stand a stronger chance to get a traditional mortgage and lower interest rates. If the manufactured home is \u201chomey\u201d then the financing options are better for the owners.<\/p>\n
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The senior mortgage loan officer for Warsaw Federal Savings & Loan in Cincinnati, Ohio, Zachary Fugate, says that for most standard bank financing prospective buyers should meet certain benchmarks, like, the manufactured home must be on a permanent foundation and the land should be titled as real property. <\/p>
You can seek finance for your manufactured homes whether it is a principal residence or it is a second home. <\/p>
He adds that standard bank financing does not support single-wide homes. Also to be eligible for financing the manufactured home must have the HUD Data Plate.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t