Home Only Financing
Home only financing simply means that the lender lends money towards the purchase of the home itself. They take the home only as collateral and records there lien on the title. In most cases this financing is as low as real estate mortgage loans at a fraction of the closing costs. Furthermore customer are able to retain there land free and clear if they own it or if it is owned by a family member. The lender does not require the land as collateral on these loans but they do require a down payment ranging from 5% to 20% of the purchase price. In simple terms the more down payment the better the interest rate.
Interest rate - As low as 7.25%
Terms - Up to 25 years
Down payments - As low as 5%
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Mortgage Loans
Mortgage loans are more relaxed in regards to credit issues and the lack of down payments. FHA is the most frequent loans that are underwrote on manufactured or modular homes today. These loans are very flexible and have down payments as low as 3.5% or land in leau of cash down payments. Mortgage loans are treated like any other real estate loan and combines the house and the land together into one mortgage loan payment. The closing costs are figured by the lender and are added to the home cost and land cost. However the closing costs can be added and payed by the seller in most cases. Generally these loans have a low interest rate.
Interest rate - As low as 4.75% ( changes everyday check with lender to assure accuracy )
Terms - Up to 30 years
Down payment - As low as 3.5%
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