Manufactured homes on real property, also known as mobile homes on land, offer a unique homeownership opportunity. Unlike mobile homes that are placed in mobile home parks or on leased land, manufactured homes on real property are situated on land that the homeowner owns. This means that the homeowner not only owns the home but also the land it sits on. In this article, we will explore manufactured home loans on real property and what you need to know to secure financing for your home.
Manufactured home loans on real property are similar to traditional home loans, but there are some key differences. The main difference is that the home is considered real property, not personal property, which can make it easier to secure financing. Additionally, the interest rates and loan terms for manufactured home loans on real property are often more favorable than those for chattel loans. But if it is a Moble Home or Chattle, we have loans for them also, link is here:
To qualify for a manufactured home loan on real property, the home must meet certain standards, such as being built after 1976 and meeting specific safety and construction requirements. Additionally, the land must be owned by the homeowner, and the home must be permanently affixed to a foundation on the land. You can see further criteria by following this link here
One option for financing a manufactured home on real property is a conventional mortgage. Conventional mortgages typically offer lower interest rates and longer loan terms than other types of financing. However, these loans may require a higher down payment and a more rigorous application process. In Idaho, we do have 1st time and 2nd time home buyer loans with down payment assistance, which means you can get into this mortgage with little to no down payment. Click here for more information about Idaho Housing Home Loans.
Another option for financing a manufactured home on real property is an FHA loan. FHA loans are backed by the Federal Housing Administration and are designed to help low- to moderate-income homebuyers. These loans typically require a lower down payment and have more flexible credit requirements than conventional mortgages. Click here for more information about FHA Loans.
The Veterans Administration also allow for mortgages on manufactured homes, again with little to no down payment required, and has more flexible credit requirements. Click Here for more information about VA mortgages.
Manufactured home loans on real property can be a great option for those looking to own a mobile or prefabricated home. By working with 1st Choice Mortgage, who specializes in this type of financing and understanding your options, you can find the financing that is right for you and your manufactured home on real property.