Manufactured Home Financing Doesn’t Have To Be Hard
If you and your family are in the market for an affordable home, you probably already considered going for a modern manufactured house—what used to be called a “mobile home.” More and more families are seeing the benefits of going the manufactured home route. With updated designs that are more like a modern day house than a trailer, people are able to purchase a functional, spacious home with all the amenities for a fraction of the cost. This is especially great for families who need additional living space or want to get out of the apartment life, but don’t have the money to invest in a foundation-based home.
Even though manufactured homes are less expensive, no one is going to give away a quality house. Fortunately, there is financing available specifically for consumers in this market. Mobile home financing is not the same as getting a regular mortgage, but it does not have to be difficult. When applying for home financing, always remember to check your credit score before submitting an application.
Your credit score is the first thing a lender is going to look at when you apply for mobile home financing. Having good credit is an ideal way to ensure you will be approved for a loan for your manufactured home. Obtain a quick credit score before you even begin shopping. You will go into the process more informed, and will be aware of the most logical price range for your position. If you have bad credit, you may want to look on the lower end of the spectrum. In this manner, when you apply for financing, the lender will perceive less risk in the calculations.
In the end, it’s all about risk when it comes to these loans. Banks and lenders really only have one concern: making sure their investment is returned. If you want to make a good case for your own mobile home financing, put down as much as you possibly can for a down payment. It may be quite a shock to your finances in the short term, but the more you’re able to put down the more they will be willing to lend to you.
Similar to having a large down payment, having a plot of land of your own to put the house on raises the value of the investment, which makes it less of a risk for the bank. If you don’t own the land you put your home on, the financing you receive will be more like a car loan than a mortgage; you won’t get the title until it’s paid off. Owning the land you put your manufactured home on makes financing easier for the bank; while still being able to call the house your home.
Still confused about how to make manufactured home financing as simple as possible? If you’re in the San Antonio, New Braunfels, or Laredo metro areas, contact Manufactured Housing Consultants. They will be able to walk you through your financing strategy, so you can be in your new home in no time.