Reasons to Buy a Manufactured Home During the Current Health Crisis
September 30, 2020
Buying a home during uncertain times can feel risky. However, if you’re exploring affordable housing options, it might be the perfect moment to buy a manufactured home. Despite economic slowdowns, experts note that median home prices will fall by about 3%, and buyers are still finding great opportunities—especially in the manufactured housing market.
Manufactured homes are more affordable, easier to finance, and offer modern comfort combined with flexible financing. Below are key reasons why purchasing a manufactured home today could be one of the smartest financial decisions you make.
1. Less Competition in the Market
The pandemic has cooled the housing demand, meaning fewer active buyers and less competition. If you decide to buy a manufactured home, you’ll likely have more room to negotiate with sellers.
As the economy recovers, more people will apply for a manufactured home loan, pushing prices upward again. That’s why it’s strategic to act now—before demand increases and inventory tightens.
And if you qualify for a manufactured home loan, you can secure a lower interest rate and affordable payment structure compared to traditional housing options.
2. Smart Tech Solutions Simplify the Buying Process
Health restrictions have made in-person home tours less practical. Thankfully, new tech solutions make it easier to buy a manufactured home online.
Virtual tours, remote signing tools, and digital loan applications have transformed the way buyers engage with lenders and sellers. You can now:
- View manufactured homes virtually
- Apply for a manufactured home loan digitally
- Complete the closing process online
This shift to technology ensures safety while streamlining every step of the buying journey.
3. Better Loan Terms and Stable Rates
While traditional lenders are tightening their standards, manufactured home lenders remain more flexible. They continue to offer loans with lower down payments and competitive interest rates.
By locking in your rate now, you protect yourself from future market fluctuations. Experts advise that locking in the interest rate on a manufactured home loan today provides more financial stability than renting—especially as rental prices continue to rise.
Financial institutions like Arkansas FCU are stepping up to help borrowers by deferring loan payments and offering assistance to those facing income loss. Other lenders are also providing flexible refinancing options and support for borrowers with temporary hardships.
4. Affordable Choices for Every Budget
If your income has been affected by the pandemic, you don’t have to give up your homeownership goals. Consider purchasing a smaller manufactured home that aligns with your budget. Manufactured homes are already known for being cost-effective, and a smaller model can make ownership even more attainable.
These homes also qualify for financing options similar to site-built homes, making it easier for buyers to enter the market even during uncertain times.