Are you looking to purchase your own manufactured home but are unsure of how to finance it? If so, you’re not alone! Many people don’t know what a manufactured home loan is or how to qualify for one. This page will help you better understand what you need to know to get your new home today!
Most mortgages in America are traditional conventional loans. Traditional conventional home loans, however, are not always suited for manufactured homes. So what is a manufactured home loan? These types of loans cover “prefab homes” and can be a great option for those who want to purchase or refinance.
Like any other type of loan, manufactured home loans come with their own rules and regulations — things like property requirements, fees, and closing costs. If you’re considering getting a manufactured home loan for your future purchase, there are some important things you should know.
One of the first things you’ll have to do when applying for a manufactured home loan is to determine which type will best suit your needs. Here are some of the most common types of manufactured home loans:
Different institutions offer each type of loan with their own requirements for qualification. While some are more flexible than others, it’s important to work with a reputable lender that can point you in the right direction based on your situation, and Cascade Financial Services is here to help.
Getting a manufactured home loan is similar to getting a typical home loan. You’ll have to prove your income, savings, and creditworthiness just like you would with a traditional home. To qualify for a manufactured home loan, eligible borrowers need to:
When it comes to manufactured home loans, there is a lot to be understood — and it can be a tad overwhelming at first glance. We’re here to answer some of the most common questions you may have about manufactured home loans:
No — it’s simple! To apply for a manufactured home loan, fill out our online pre-qualification. Once completed, you’ll speak to one of our friendly lending experts who will find the manufactured home loan that is right for you and discuss the next steps of how to obtain it.
Depending on the loan you’re applying for, a few qualifications are required to be eligible. Don’t sweat it, though — your lending expert will guide you in the right direction and will accompany you every step of the way through the entire manufactured home loan process. You can feel confident knowing that our team will help set you up for success!
No, there are zero fees when applying for a manufactured home loan.