Financing your manufactured home. Is it hard to get a mortgage for a mobile or manufactured home? No, but it is different. Loans for manufactured homes come from Fannie Mae and Freddie Mac, two.
Community Chattel financing portfolio land Home Options The Cascade Difference. When it comes to financing manufactured homes, Cascade is one of the top rated manufactured home financing companies in the country. We have a long history of customer satisfaction and offer financing for manufactured and modular homes in 35 states.
An inspection is always required on every mobile home financing loan. An inspection will give the overall condition of the home, and additional options of the mobile home, such as decking, awnings, garages, etc.
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A chattel loan is one of the most common ways to finance mobile homes that sit on land-leased properties. Because you don’t own the land you lease, you can’t use a traditional mortgage because you can’t fix the home permanently to a foundation. Instead, your manufactured home falls under the designation of "personal movable property."
You can also use a personal loan to finance a mobile home. Because a personal loan is based on you, not the property, there is no appraisal or questions about the home.
Buying a mobile home comes with a unique set of issues that don’t normally come up when buying brick-and-mortar, traditionally-built homes, especially when trying to get a – which is closer in size to a single-family home built on site – costs about $100,000, according to Homes Direct, a seller of manufactured homes.
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Best "FHA" Loans for Mobile Homes Perhaps the easiest route to take to find financing to buy a manufactured home is through an FHA loan, or one backed by the federal housing administration (fha). These loans are not issued by the FHA, but are insured (i.e., refunded) by the FHA in the event that the borrower defaults on the loan, reducing the risk for the lender.
Our manufactured and mobile home loan programs include: Fixed rates; No pre-payment penalties; No land required; Financing for homes located within a Park or Community; Financing for new and used manufactured homes; Permanent or nonpermanent foundations; Primary, Secondary, Investment, and "Buy-For" (purchase for someone else)