Manufactured Home Loan

Manufactured home loan programs are designed to help people purchase or refinance homes that are built off-site and transported to a specific location. These homes are also known as mobile homes or trailers.

Pros:

1:  Lower down payments: Manufactured home loans often require lower down payments than traditional home loans.
2:  Easier to qualify: Because manufactured homes are generally less expensive than traditional homes, it may be easier to qualify for a loan.
3:  Affordable: Manufactured homes are often more affordable than traditional homes, making them a good option for people on a budget.
4:  Faster to build: Manufactured homes can be built and transported to a specific location much faster than traditional homes.
5:  Energy-efficient: Many modern manufactured homes are designed to be energy-efficient, which can save homeowners money on utility bills.

Cons:

1:  Higher interest rates: Manufactured home loans often have higher interest rates than traditional home loans.
2:  Depreciation: Manufactured homes typically depreciate in value more quickly than traditional homes.
3:  Limited financing options: Not all lenders offer manufactured home loans, and those that do may have stricter eligibility requirements.
4:  Resale value: Because manufactured homes are often seen as less desirable than traditional homes, they may be harder to sell.
5:  Land ownership: If the homeowner does not own the land on which the manufactured home is located, they may need to pay additional fees or face other restrictions.

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First-time buyer? Move-up buyer?
Investor? Refinancing?
Let’s plan your mortgage.

Fairway Mortgage, LLC
NMLS #2767473

Office: (541) 654-8285
Cell: (541) 513-9000
Email: contact@fairwaymortgagellc.com
350 West 5th Avenue
Eugene, OR 97401

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