Financing

FINANCING A HOME IN A PARK

For parks (manufactured home communities) that do not allow the homebuyer to purchase the land that home is placed upon, the house is considered personal property.  This means that the home is not attached on a permanent foundation and is not considered real estate.  As a result, rates are higher than a real estate loan.  Nevertheless, the interest on your loan is still tax deductible and terms vary.  Some people may qualify with little as 5% down on approved credit.  Call us today for details.  Why rent when you can buy?

Parks where you own the space (land) and you attach the home on a permanent foundation, you most likely will be able to obtain real estate financing.  Call IDEAL to review your options.

Terms and conditions are based on the park’s structure, on your approved credit, and on your down payment.



FINANCING A MANUFACTURED HOME ON PRIVATE PROPERTY (LAND/HOME)

When you attach a home to a permanent foundation, you can obtain real estate financing.  There is typically ¼% to ½% increase in the existing interest rate.  Types of loans are Conventional, FHA, VA, and CalVet.  Also, construction loans are available.  Currently, there are limits to the total amount financed for "Take Loans" for manufactured homes attached on a permanent foundation. As with any housing loan, appraisals are very important. Call us to discuss further.


FINANCING A MODULAR HOME

Most lenders and appraisers consider a modular home the same way that they treat a “site built” house.  Most programs available to you when you built your house entirely on your property will also be available to you with an “Off-Frame” modular home.  Be aware of the difference between “Off-Frame” and “On-Frame” modular homes.  Many lenders and appraisers treat an “On-Frame” modular home as a manufactured home on a permanent foundation.  Call IDEAL to discuss in detail.

 

IDEAL Manufactured Homes is not a bank or a lender.  The terms of your loan (interest rate and number of years) are based on your approved credit (O.A.C.), on your down payment, and on your debt ratio.   In addition, your loan is based on if your purchase is classified as real or personal property.

Every project is unique so please call IDEAL Manufactured Homes today to review your options.  We are networked with lenders that can help you with your project from start to finish.