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manufactured home loans

Manufactured Home Loans

With 19 million people living in them, manufactured homes are fast becoming the housing style of choice for people who have to achieve the American Dream of owning a home in a limited budget.

Today's manufactured homes bear little resemblance to yesterday's air-slipping tin cans on wheels. With improved quality and material, stitched together seamlessly in double-wide sections, they can be indistinguishable from site-built, conventional homes.

But financing a manufactured home still can be unconventional. When applying for a manufactured home loan, the key lies in how "mobile" your new home is going to be. The less mobile a manufactured home is, the better the financing deal a consumer can get (for obvious reasons - in case of a payment default, the lender would not only have to find the defaulter, but also the house!).

Historically, manufactured homes have been financed as personal property, resulting in typical manufactured home loans that often require a 10 percent down payment, with the remainder financed over 10 to 15 years. Interest rates are higher, resembling car and boat loans, and because the loans aren't mortgages, the interest paid isn't tax-deductible.

Though these loans still are the most common, the changes in the industry have attracted additional lenders and types of loans. Many manufactured homes now require only 5 percent down and finance the remainder over 20 to 30 years.

If the home is immobile and if the owner of the home also owns the underlying land, then the loan is likely to be viewed as a mortgage, gaining vital tax benefits. Start your online search today to find a better deal on manufactured home loans.

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