Now, when looking to enjoy a house and save some money in the process, you will want to get a modular home. While true, it’s not always easy to come up with a financing solution. In fact, plenty of people feel that they can’t finance their modular home. However, nothing could be further from the truth. With this mind, many ask, can I finance a modular home the same as a site built home? The answer is, yes. Here are a few ways to make the process easier.
Own the land: First and foremost, when looking for financing information for modular and manufactured home, you will want to own the land. In the long run, this will make the process easier for a couple of reasons. First, when owning the land, you will have collateral in case an issue arises. Secondly, and must as importantly, when a person owns the land, he or she won’t need to borrow a lot of money. In the end, this will help a potential buyer with the process.
Know your credit score: Secondly, when looking for financing information for modular and manufactured home, you will want to know their credit score. Obviously, a score of over 750 will help one greatly. However, even if a potential buyer doesn’t have a decent score, he or she can probably qualify for a loan, albeit at a higher rate. Either way, when you have a decent score and pay your bills on time, you are likely to do well in the process.
Head to multiple banks: When understanding the cost difference between manufactured home over modular home, you will realize that it’s cheaper to buy and setup a manufactured home. While true, it’s not as easy to get a loan. To make things easier, you should head to their local bank and sit down with the manager. In reality, it helps if the person is a long-term customer of the bank. Either way, when explaining the situation and owning the land, one will help their cause greatly if they want a loan.
Have a decent job: Without a doubt, when looking to understand the cost difference between manufactured home over modular home, one will want to also think deeper. When having a decent job with a steady income, one can buy a manufactured home with ease. Think about it, when going to a bank and asking for a loan, a person will want to show they are reliable and can pay off the loan without struggle. When showing this, one will help their cause greatly.
Lower loan amount: Finally, when looking to get a loan for a manufactured home, one has a major advantage. The cost of a manufactured home is usually significantly lower than a typical home purchase. For this reason, even if a person doesn’t have a high paying job or a perfect credit score, he or she can often get a decent rate on a loan for a manufactured home. Not only that, since the loan is not as much, one can often fund it with a home equity line of credit or other financing option.
When looking to buy a manufactured house, you should not fear getting a loan. No, in fact, if a buyer has a decent income and credit profile, he or she will not struggle to find a decent rate on a loan.
