Modular Home Loans are offered, but not in Mobile Home Parks. You must be purchasing the land or already own it. Modular Homes are financed as conventional “stick” build homes.
For the most part, the type of lending that you get, is determined by the type of property you are financing.
FHA loans are only offered for one to four unit properties, and if the property involves more than one unit, then the owner must live in one of the units.
VA loans are fabulous for veterans. You could ask VA for a copy of your honorable discharge, and get a certificate of eligibility.
100% financing is available for veterans, and if you exceed the county loan limit, then VA will still finance 75% of your purchase amount.
Conventional loans, especially at 80% or less, are desirable, because there is no mortgage insurance premium.
About 80% there is mortgage insurance premium, but unlike FHA, once the loan amount goes down, you may get the mortgage insurance waived.
Financing a manufactured home or mobile home requires some additional knowledge.
I can help by guiding you away from some obvious pitfalls, so you don’t waste your time and money working on a home you can’t finance.
Manufactured homes on permanent foundations, with a 433a certificate, can also be financed as a reverse mortgage.
My job is to help you decide which home mortgage program is best for you. Are you interested more in the payment amount, or the down payment, or something else. Once we talk, you can let me know your needs, and we will take that direction to meet your goals.
Interest Rates will change, depending on your down payment amount and your credit score. The type of home you purchase, will also determine what financing programs are open to you.
It’s best to have a good idea of how much you can borrow, before you begin looking for your Dream Home. Often, when you know what the payment will be, at a certain loan amount, you will decide if that is more than you to want to pay, monthly.
It’s just fine to buy a home for less than you can afford. The VA program adds an additional 14% monthly, as a general maintenance cost of a home. So, with them, you need to afford the home, as well as the maintenance costs, before they will lend you the money.
VA has a good policy. Designed to protect the Veteran against surprise costs of home ownership. Although there may be tax benefits, as you maintain and improve your home, they are also cash expenses.
If you can, buy a home in a location you, and stay there. Most people stay in their home for 5 or so years. Then they move on, usually to a larger, more costly home. Each transaction, to a new home, costs money, which comes from equity.
Please call for no obligation information. Judy Sellens