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· Whether you’re purchasing a manufactured home or a modular home, deciding on how you want to finance it should be a top priority. Comparing the types of loans that are available can help you make a decision.
· Housing inventory shortages, the convergence between factory- and site-built homes, affordability pressures, and new forms of financing are coming together to give mortgage lenders unprecedented access to the manufactured housing market. But lenders do face headwinds. Most of the country’s manufactured housing inventory is ineligible for traditional mortgages.
Some lenders will allow you to secure financing for a manufactured home without the need for mortgage insurance, meaning you can avoid a Federal housing administration mortgage, which contains a monthly mortgage insurance payment and can end up costing you more. An FHA mortgage can be an option for you, however, if you have no alternatives.
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