As Central Texans seek affordable housing options, many are looking at manufactured housing with acreage beyond the suburbs of the Greater Austin area. Here are a few tips to keep in mind when financing a manufactured home. Of course, it’s always important to partner with a real estate professional to guide you through the homebuying process, from contract to close.
Article Contributor:
Beth Nicoson
Mortgage Broker, NMLS# 621446
Bank of Texas
c. 814-873-7737
e. BNicoson@bankoftexas.com
With over 7+ years of experience in the industry,
The purchase of a home is an emotional transaction, as well as a sound financial investment. My goal as a Mortgage Banker is to make financing your home a straightforward and uncomplicated experience. You can trust my years in the business to eliminate the confusion and intimidation that frequently accompanies the home buying process. With my knowledge of current regulations, I can tailor a loan program to fit your unique requirements.
I offer an extensive array of Conventional, FHA and VA mortgages plus a number of unique loan options. You and I will work closely together to find a loan package based on your needs and financial goals – one that will help you buy your home.
You will benefit from the fact that I work directly with the people who make the decisions about your mortgage and with those that handle the servicing of your loan after it closes. That means the process moves more quickly, and should you have any questions or challenges during the life of the loan, you can talk with someone right here.
If you yearn for 2 acres or 200 acres, chickens, and pole barn but you don’t want to spend $500,000 or more a manufactured home property maybe your best option. We all have heard the bad jokes about ‘trailers, double-wide, mobile (make that 3 syllables) homes’ but manufactured housing has come a long way.
If you yearn for 2 acres or 200 acres, chickens, and pole barn but you don’t want to spend $500,000 or more a manufactured home property may be your best option. We all have heard the bad jokes about ‘trailers, double-wide, mobile (make that 3 syllables) homes’ but manufactured housing has come a long way.
The industry is well regulated and there are some very beautiful homes! Whether you want to make it your primary residence or second home there are options. A primary residence can be financed with a conventional, FHA or VA loan with minimum down payments corresponding to each of those types of loans. A second home requires a conventional loan with at least a 10% down payment but if you’re not a beach person and you want that place in the country it’s doable.
There are definitely some differences between a manufactured and site (stick) built homes and there are some do’s and don’ts but those will vary by lender. Finding a realtor, lender and an escrow officer who is comfortable with this category of housing is key. Not all lenders will offer manufactured housing loans and there can be large discrepancies in rates from one lender to another.
A few key points to know upfront will make all the difference in a smooth and easy purchase and they can include:
The age of the units?
If the units were originally placed at the current site by the dealer or manufacturer or if they were moved?
The overall condition of the units?
Is there an Agricultural or another type of tax exemption on the property?
Are there comparable sales in the area to support the value if needed for financing?
So channel your inner Farmer Brown or cowboy and find that piece of property you have always wanted but didn’t think you could afford, even if it has a manufactured home on it.
