Is owning a home a first for you? Are you looking for a home but are struggling to find the right financing options? Manufactured home financing solutions are opening wide the door to possibilities. Custom manufactured homes are creating new paths in real estate. And that means you have more ways to attain your dream home.
What are some of the benefits manufactured home financing brings to you?
Chaotic circumstances out of your control can wreak havoc on your budget. You want to gain access to a brighter future. How do you acquire the certainty you need to proceed on your home seeking journey? It all comes down to financing! Here are some manufactured home financing details that help homeownership become more than just your dream:
- Manufactured home financing broadens the real estate market. Inventory shortages are worrisome. Custom modular homes and manufactured homes offer more choices to keep your home-owning dreams alive.
- When seeking out modular home financing, more is always better. More loan options, more custom financial avenues that cater to your needs can boost your chances of attaining a home.
- Look to a custom manufactured home dealer. Sometimes dealers “deal” in modular home financing. You may be able to get access to financial assistance and the home you crave.
Loans for the Custom Manufactured Home
What types of loans make sense for future custom modular or manufactured homeowners? It again comes down to manufactured home financing. Below are some of the types of loans that new owners may be able to:
- FHA Loans
- Conventional Loans
- USDA Loans
- VA loans
FHA loans are types of loans landowners can use. The loans are lent out through approved lending companies. FHA loans require the custom manufactured home is affixed permanently to the property.
A conventional loan appeals to those who need modular home financing. Fannie Mae and Freddie Mac are programs sponsored by the government. Each program has specific requirements that the home and property must meet before approval.
For others seeking manufactured home financing, the USDA loan option can be helpful. The U.S Department of Agriculture also offers a program for custom manufactured homes. Some of the requirements address a manufactured home’s:
- HUD certification
Those in the military appreciate the possibilities offered through a VA loan. Custom modular homes and manufactured homeowners must:
- Have a review of their finances done
- Meet the loan terms required by the VA
- Cover a small portion of the total mortgage on the home (or acquire another loan to cover it)
As previously mentioned, if none of these options work for you and you still need modular home financing, check with the dealership!
You Can Afford It with Modular Home Financing
Close to 100 million people are currently in rentals. That’s close to a third of Americans! If you are one who is renting, you may find it’s time for a change. Renting should only be a temporary stop on the way towards your forever home. Here are some of the top reasons people stop draining their funds for rentals and build up their equity with custom modular homes:
- For a sense of stability
- The ability to live mortgage-free in the future
- Profitability if/when they decide to sell your home.
- To increase their net worth.
- The potential to receive passive income (from renters)
- No worries the owner will sell while they are paying rent because it will be their own
- There will be no rent hikes that leave renters scrambling to reconfigure their budget.
- New owners who utilize modular home financing solutions have the opportunity to customize their home to meet their preferences. Many rentals don’t allow any changes to the rental, so personalization is not an option.
Over 70 percent of families can’t afford to purchase a house. What if manufactured home financing could change all that? Imagine the possibilities! As you seek out answers to tough finance questions, it may be time to consider options other than starting your home from the ground up. Quality custom manufactured home builders can provide you with modular home financing options that give you much-needed relief. If you want your family to have a place, they can truly call their own, custom modular homes and custom-manufactured homes have:
- the economical price tags
- the energy efficiency
- the controlled environment to keep your home build on schedule
- the personality that will be custom catered to your tastes
Manufactured Home Financing Saves You Money
Once you’ve decided to scan the manufactured home market, you’ll see a positive trend in pricing. Here are some important “for your information” details that can help you throughout your manufactured home financing and purchase journey.
- Manufactured homes are created off-site. They are HUD-approved living spaces.
- Manufactured home financing gives buyers a wide range of flexible financing options to ensure they get the home they want for their unique situation.
- The price of a manufactured home is dependent on square footage, design, the luxury amenities selected, and other customization options.
- After your home is customized off-site, it will be delivered and placed on your property. Some dealerships work with home delivery companies or will recommend delivery companies. That may add additional costs to your budget.
As you consider the positives of acquiring modular home financing for your dream home, always consider the placement of your home. Some manufactured homeowners choose to lease land. Others prefer purchasing land. What you choose may determine the scope of the modular home financing options you receive.
Baird Homes and Manufactured Home Financing
Do you have questions as to how modular home financing will allow you to access your dream home? At Baird Homes, our experts in manufactured home financing and quality home building have the answers you seek. If you are ready for an upgrade to your current living situation, contact Baird Homes today! You’ll get first-class access to homes that can change your life for the better!