Is there financing available for manufactured homes?
Just as there are choices when you buy a site-built home, there are financing options for purchasing a manufactured home. When you purchase a home in a land lease community, the home will probably be financed as a personal property manufactured home loan. In the U.S., FHA-insured and Department of Veterans Affairs-guaranteed (called FHA and VA) loans are available to manufactured home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. There are also new programs starting, like Freddie Mac's CHOICEHome pilot, because the quality of manufactured homes allows them to be treated as real property in the same manner as single-family site-built homes.
In-House Financing Available in Canada
Cove Communities - Canada is now offering easy access to In-House Financing and we have introduced a new Rental Conversion Program for all of our Canadian communities.
In Canada, there are also a number of lenders that offer EZ bank financing and you can find out if you qualify without impacting your credit score. You may be able to purchase a manufactured home with as little as 5% down at a low starting rate if you have a maximum of a 42% debt to income ratio and 600 or higher credit score.
Call us at 1-833-203-0755 or email (firstname.lastname@example.org) today and we will put you in touch with a Cove Home Sales (Cove Homes1) professional to learn more about how you can purchase your dream home and learn more about about possible financing options.