Ignore Home Loan Hassels, Try Manufactured Home Financing

Ignore Home Loan Hassels, Try Manufactured Home Financing

Nowadays it can be very tough to find funding for a new home. With the present financial state, lenders don't want to lend out money to lots of people. However, manufactured home funding is not as difficult to qualify for than regular mortgage loans. As a result, when people are ready to invest in a new home they are more often looking toward manufactured homes.

Manufactured homes are much more cost effective than traditional homes for those who can't find funding with a regular mortgage.

While the latest statistics show a slight resurgence in the sale of traditional homes, financing is still tremendously difficult to obtain. Obviously, banks are cautious to approve loans for hundreds of thousands of dollars, because of the high rate of homeowner non-payments.

Additionally, lenders aren't only making it difficult for loans to be approved due to credit scores and financial history but they are also demanding far more money be put down as a deposit which can be a challenge for new homebuyers to build up.

Nevertheless, manufactured home financing is more like financing a car loan. Sure, you'll need to have a proven salary and have sound credit scores but it's a little more relaxed. The paperwork is not as burdensome and often you can get quite a short term for your loan. With the majority of manufactured houses costing less than $30,000 you can pay off your home for a cost-effective monthly payment in 5 years or less.

One other reason why new manufactured homes are an economical alternative for shoppers is because there are less taxes to pay on manufactured homes than traditional houses. This can save a lot of money each year regarding the taxation of real property and property taxes.

Basically, the quick buying process and manufactured home financing process is a major reason more people are selecting to spend their money on a manufactured home instead of a conventional residence!

When applying for a manufactured home loan, you must keep many things in mind. However, the most important thing to remember is to take your time and proceed carefully.

No two loans or lender are the same. Thus, when something doesn't feel right with one lender, there are other options out there. Overall, the buyer is in control and should feel comfortable throughout the entire process of buying.

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