Despite rumors, finding financing for a manufactured home is not that difficult. At Aspire Communities, we work with several lenders that specialize in manufactured housing financing. Before you jump into financing your home, you should first be aware of a few things.

Unlike having a stick-built home, financing for a manufactured home is more like a car loan than a mortgage. Because these are “home only” loans and no real estate is included, the rates tend to be slightly higher than mortgage rates. There are many factors that affect loan rates:

• Credit scores
• Amount of down payments
• Age of the home
• Loan term

The higher your credit score and the larger your downpayment, the better rate you will be able to obtain. Most lenders are looking for 620 or better credit scores and most like to see 10% down payments. However, we do work with some lenders that will go with as little as 5% down.

New homes usually have better rates than pre-owned homes, and shorter terms can also get you better rates. Loan terms can go up to 25 years, but the typical term is 15 to 20 years.

Have questions about financing for your manufactured home? Contact us today, and we’ll be happy to speak with you.