Due to increased prices connected with traditional on-site construction methods and a lack of inventory of traditional types of housing, some people may find a manufactured house to be an economical alternative to the housing market of today. With the help of SteveKnowsLoans professional guidance and top-tier loan program, buyers of prefabricated homes may finally afford to put down roots.
What exactly is a mobile home?
Because they are constructed in a factory rather than on a construction site, manufactured homes have long been confused with mobile homes. Manufactured homes are on par with traditionally built homes in terms of safety, durability, and performance because of the stringent federal and state regulations that regulate their design and production.
Manufactured homes, unlike mobile homes, are not designed to be relocated from the factory to a temporary location. While the owner of a mobile home may be able to take it with them when they relocate, a manufactured home is intended to remain in its original site.
How to Get a Loan to Buy a Manufactured House
Manufactured home purchasers can work with SteveKnowsLoans loan specialists to get approved for financing with no money down. The following are some of the features of SteveKnowsLoans Power Purchase loan program:
- Borrower down payment must be at least 3% of sales price or appraised value, whichever is lesser.
- A gift equivalent to 2% of the total Power Purchase price that does not need to be repaid.
- Fixed-rate loan for 30 years.
- There may be restrictions based on income, with the possible exception of a few specific regions.
- Lessening the need for private mortgage insurance.
- Power Purchase Plus loans include mortgage insurance paid by the lender.
Our loan program is not restricted to first-time buyers of prefabricated homes, so previous house owners are welcome to apply.
Make sure to get in touch with us right away.
SteveKnowsLoans makes it possible for more people to take advantage of the affordable housing options presented by manufactured homes.
Call Steven Jackson at 813-616-9411 now!
