Choosing the right lender for your manufactured home loan is paramount to getting a great rate and an affordable monthly payment. Not only do you have to find a bank that offers manufactured home loan products, but you also have to identify which lenders truly understand the manufactured home industry as this product is unique when it comes to financing. Here are a few tips to get you started:
Manufactured Housing News
A manufactured home loan is a loan product made specifically for the purchase of manufactured homes. It differs slightly from other home loan products and may be more accessible than a traditional loan for certain people. The manufactured home loan was created to fill a hole in the market where traditional lenders would not typically offer financing due to the type of home being built. Here's what you need to know:
A manufactured home can be classified in two ways: as personal property or as real property. The way a manufactured home is classified may seem unimportant or irrelevant at first glance. However, it often determines the financing options a buyer can access in order to purchase such a home.