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Regardless of what you have heard, financing for a manufactured home is not that difficult to find. We work with several lenders that specialize in manufactured housing financing. There are a few things you should know about financing a manufactured home. They are 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 a little higher than mortgage rates. There are many factors that affect the loan rates; credit scores, amount of down payments, age of the home, and loan term. The higher the credit score the better rate you will be able to obtain. Same thing with the down payment, the larger the down payment the better the rate. New homes usually have better rates than pre-owned homes, and shorter terms can also get you better rates.
Most lenders are looking for credit scores of 620 or better and most like to see 10% down payments. We do work with some lenders that will go with as little as 5% down. Loan terms can go up to 25 years, but the typical term is 15 to 20 years.
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No one likes it, but if you are purchasing a home you should have it. Insurance will be required by your lender if you are financing your home. Even if you pay cash for your home you should have insurance to protect your investment.
There are 3 components of home owner’s insurance that are important if you want to make sure you have complete coverage. The first is liability coverage. This covers you in the event that you cause damage to another person’s property or someone comes onto your property and is injured. The next is Property damage. This covers your home If your property (home) gets significantly damaged and requires repairs. And finally, there is personal property. This rider can cover and re-imburse you for personal belongings that were impacted by a covered loss (i.e. bad weather, theft).
Today most major insurers will cover manufactured homes. Be sure to have your agent go through your policy with you and explain your coverage. Some companies cover everything and some have exclusions. You wouldn’t want to have your pipes freeze and then find out from your insurance company that they don’t cover damages from frozen pipes. You will also want to know the difference between actual cash value (ACV) and replacement cost. With actual cash value policies, the claim would pay the actual cash value minus depreciation. With replacement cost, the claim will pay the full replacement cost without depreciation, even if it is higher than stated limits. By understanding coverage types you’ll be better prepared to shop around and get the coverage you need.