If you are hoping to make homeownership a part of your future, the option to buy a manufactured home is one of the most accessible paths to reach your goals. With modern manufactured homes, it is easy to envision the happiness that comes with homeownership and having a place of your own to decorate and enjoy with your family. The journey into homeownership begins with a few simple steps that will ensure you are ready to take on the responsibilities and freedoms that come with purchasing a manufactured home.
Find a Lender
Before you can even begin shopping for manufactured homes in earnest, you must first determine how you are going to secure funding for your purchase. You must find a lender who deals with manufactured homes specifically, and then find out exactly how much money they are willing to lend you so that you can set a budget for your purchase.
Gather Your Documents
Once you have identified a lender who is willing to work with you on purchasing a manufactured home, they will give you a checklist of documents that need to be submitted before the loan can close. Some of this will be information that you already have, such as pay stubs, tax records, etc. The rest of the information will have to do with the house that you choose and where it will be placed. Gather the information that you already have and send it to your lender, and then you can get on to the process of actually shopping for a house.
Choose a House and Land
The next step in the process is to begin looking at manufactured home configurations and options. You will need to decide whether you want to buy a pre-owned model, a display model, or order something brand new. Each of these options has its own perks, such as immediate availability versus the option to fully customize your home. If you do decide to purchase a preowned or model home, you will want to write an offer and get the home under contract as soon as possible to keep it from being sold to someone else. If you are ordering a home to be custom built, you will have to work with a representative to design your home and get a contract signed. With a brand new home you will also need to have land available to place the home on.
Continue Working with Your Lender
Now that you have a contract offer on your home, you are in the final stretch. You will need to send a copy of the contract over to your lender, and allow them to verify all the information before they agree to close the loan. This process usually takes a few weeks, and they will usually ask for additional documentation or information about the home to make their decision.
Get Ready to Close
Once all the paperwork is checked out, it's time to go to the closing table. This is the point where you will sign all documentation, take legal possession of the house, and hand over your down payment. If you ordered a new home, now is the time to schedule the delivery and setup.
Delivery and Setup
The delivery and setup process is the final step if you ordered a new home that was not already on a lot. This includes placing the home, as well as getting it connected to water, power and other utilities. All of these steps must be completed within 21 days of placing the home on the land, and must be signed off with the lender to approve final payments.
As a buyer, your major responsibilities are to identify a lender in the first place and then choose a house you like. Your lending team and your manufactured home representative will guide you through the remainder of the steps to ensure that your home buying process moves smoothly forward until you are the proud owner of your very own manufactured home.