![]() ![]() Low Money Down Mobile Home Financing Options VA loans have funding fees from about 1.4 to 3.6% of the purchase price. ![]() As with any government-backed loans, those eligible for VA loans apply through private lenders. VA loans for manufactured housing are available to qualified veterans, spouses, and other beneficiaries for primary homes. Government-backed loans can be a solid option for those who qualify and can meet other restrictions like the inability to rent out the property and the need to comply with restrictions.įHA loans are available for financing or refinancing manufactured homes with terms of up to 30 years and loans that offer low down payments and loosened credit restrictions. ![]() Chattel loans, mortgages that include land and government-backed options like FHA, USDA, and VA provide many options to consider. Which Financing Options Are Available for my Manufactured Home?įinancing options that meet your needs and maximize value are plentiful for manufactured and modular housing. Factory-built decks and porches may also be included. Manufactured homes can come in single-wide or double-wide sizes, as well as other architectural styles. Wheels may be removed and stored once they are set up. They are completely built at the factory and include a framework with wheels. Manufactured, or mobile, homes are factory-built and must meet Department of Housing and Urban Development codes on a federal level. Modular homes are assembled in pieces on a foundation and must meet the same local building codes as site-built homes. They often a have basement. In fact, they look just like site-built homes their value follows the housing market. Both types of housing are built entirely or partially at a factory. Manufactured and modular housing offers many options and configurations to meet your family's needs. Which Type of Manufactured Housing Works for Me? The loan is similar to one on a vehicle or industrial equipment. Department of Agriculture financing may be options as well.Ĭhattel loans for manufactured homes stay with the home if it is moved to another lot. Special programs like Veterans' Administration, Federal Housing Administration loans, and U.S. As with any type of home loan, credit and income requirements apply, as well as down payments and approval steps. Loans that are more similar to conventional mortgages cover the manufactured or modular home, the land, or other improvements like garages. Chattel loans work well for homes on a leased lot or if the owner already has land available. They are especially fast to close since appraisals and other steps are not needed. Financing options vary quite a bit depending on your situation, whether you're simply seeking to finance the manufactured home through a chattel loan or if you're seeking financing that will cover a home plus improvements like a foundation, driveway, garage, or deck.Ĭhattel mortgages are up to 25 years in length and have simplified application and closing processes. Manufactured housing is financed and refinanced differently than site-built homes that have conventional mortgages. How Are Manufactured Housing Loans Different? Find out more about the options available for manufactured and modular homes in Arizona. Government-backed loans like FHA and VA are even available and can save money and ease credit requirements. Loans are also available to cover a manufactured or modular home plus land and improvements like a garage. The quickest financing is a chattel loan on a manufactured home only, which can be closed in as little as 30 days. Modular housing, which is factory-built, is assembled on a foundation or slab.įinancing manufactured and modular housing isn't like getting a traditional mortgage, but many options are available to meet your needs and match your budget. Also sometimes called mobile homes, manufactured homes are affordable and quick to finance. Manufactured and modular housing are popular options for Arizona residents who are seeking affordable and convenient housing. ![]()
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