Financing
Manufactured Home Financing Questions
When Financing or Purchasing A Manufactured Home...
- What is the role of the retailer in purchasing a home? Can I buy my home directly from them?
- Will a manufactured home appreciate in value?
- What kinds of financing are available for manufactured homes?
What is the role of the retailer? Can I buy a home directly from the manufacturer?
Most manufactured homes are sold through retail sales centers, many of which are independently owned and operated like Atlantis Homes. Others are owned and operated by a manufacturer like Clayton Homes. In some states, you may also buy from a manufactured home community owner, developer, or if you're purchasing a previously owned home, a real estate agent.
Retailers offer a variety of products and services, including helping you customize the home to fit your needs and budget. Typically, the retailer is also responsible for coordinating the delivery and installation of your home. Furthermore, the retailer can assist in arranging financing and insurance coverage for the home. And, once you've moved in, the retailer is often the contact for warranty service. Most states do not allow you to purchase a home directly from the manufacturer. Browse our new models now!
Will a manufactured home appreciate in value?
Generally, a home is a great investment. Appreciation on any home - either site-built or manufactured - is affected by the same factors: the desirability and stability of the community, supply and demand for homes in the local market, and maintenance and upkeep of the home. When properly installed and maintained, today's manufactured homes will appreciate the same as surrounding site-built homes.
What Kinds Of Financing Are Available For Manufactured Homes?
Just as there are choices when you buy a site-built home, there are a variety of financing options when you buy a manufactured home. Down payments and loan terms are similar - 5 to 10 percent of the manufactured home's sales price, and loan terms of 15 to 30 years. Read more about on our Financing Options for manufactured home buyers.
If you are buying the home and land together, or plan to place the home on land you already own, some financial institutions offer traditional real estate mortgages with similar interest rates. We Finance! Should you be purchasing the manufactured home separately from the land on which it will be located, the home will probably be financed as a personal property manufactured home loan, usually with a somewhat higher interest rate. FHA-insured and Department of Veterans Affairs-guaranteed (called FHA and VA) loans are available to manufactured home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. They require more paperwork during the credit application and approval process and, therefore, may take longer for approval than a conventional loan.
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