How does it like getting hold of a manufactured home loan in Houston? Let’s go through the article!
Mobile homes allow a level of flexibility that traditional homes cannot deliver. If you already know this, then you have made the right decision. Buying a manufactured home is a little unconventional, but you can get financing for the home and property. With financing by your side, you can get the manufactured home of your dreams.
In this article, we discuss the process of manufactured home loans for bad credit Houston. So, let’s have a look below.
So, How is it Like Buying a Mobile Home?
Mobile homes are considered real estate, and you can seek financing as you know. As long as the home is built after 1976, it could meet the property requirements. Just the way conventional ‘stick-built’ houses work; the manufactured home loans for bad credit Houston function the same way. You can apply for government-sponsored home loans such as VA, FHA, and USDA, Freddie Mac, and Fannie Mae. Nevertheless, you may have to pay a higher down payment and secure a better credit score.
Getting a Personal Loan for Manufactured Homes
When the manufactured home of your choice does not consider a real estate property, you might apply for a personal loan. Personal loan programs are common for financing manufactured home purchases. In this case, the program solely depends on you, and the property type does not have anything to do with it. Moreover, there is no appraiser required.
This makes sense also when the home is not listed under the U.S. Department of Housing and Urban Development and dates several years back. For getting a personal loan, you must have decent credit. In addition, the mortgage rates are likely to be higher than other loan programs.
Getting a VA Manufactured Home Loans
VA programs are a popular choice for military borrowers with bad credit. The Department of Veterans Affairs insures the loan for every eligible manufactured homebuyer. It is possible to purchase a mobile home and place the home on an already-owned property. But buyers are also allowed to purchase both. VA lenders provide 100% financing for manufactured home loan programs.
The usual loan term for a manufactured home on an existing property is 15 years. For single-wide manufactured and double-wide manufactured homes, the loan terms are respectively 20 years and 25 years.
If you are looking around for a reputable lender who can walk you through the loan application process, then get in touch with Clear Lending.
