Finance for Manufactured and Modular Homes
Obtaining the necessary financing for your manufactured
home is easier than you might think. Several loan options are available for
borrowers regardless of income or credit status. Click on the links below to
discover which loan type is best for you, and for information on interest rates
and down payment.
At Ma Williams, we’re here to help. If you need additional information about
any of the available financing options listed below, please
The use of a one-time close construction loan with a land/home project allows you the ability to finance your project including land, by funding the construction loan once all costs are in for the project and the appraisal is complete to determine value.
Construction loan costs are generally higher than the
standard conforming loan costs and are determined by your loan amount.
Once your construction loan funds, the land seller is the first person to be paid off, so that you the buyer now own the property and can begin preparation for the new home.
We offer FHA, Conventional and VA construction loans.
If you use a FHA or VA construction loan there are no payments made during the term of construction and no additional loans are required. The FHA and VA loans will finance in interest for the term of construction.
If a Conventional construction loan works best for you, you will be responsible for interest only payments on the funds released through the term of construction and no additional loans are required. All funds are disbursed as required with signatures on each draw from both the buyers and the dealer.
General construction loan terms range from 4 to 6 months from the date the construction loan funds.
This type of loan requires that you have open credit lines and good credit.
If you have had a Bankruptcy, the lender will require that the Bankruptcy have been discharged for at least three years and you must have re-established credit.
This type of loan is geared toward the buyer with a good
Conventional loans wil allow financing for buyers who have sold a home in a short sale or had a home foreclosed on, two years from the date of the foreclosure and/or short sale was sold with a 20% down payment.
The FHA loan is a government
insured loan which allows FHA underwriting guidelines to be a little more
flexible than the conventional loan.
FHA loans do have a few more requirements than the
conventional loan, such as mortgage insurance.
The FHA loan is geared for the buyers with low down
payments and average credit.
If you have had a Bankruptcy, the lender will require that the Bankruptcy have been discharged for at least two years and you must have re-established credit.
FHA loans will allow financing for buyers who have sold a home in a short sale or had a home foreclosed on, three years from the date the foreclosure or short sale home was sold.
Loans (Non-Permanent foundations only)
Chattel loans are loans for buyers whose home will be
placed on a non-permanent foundation.
Chattel lenders require a minimum credit score of 590,
Buyers with lower credit scored are required to have a larger down.
Chattel loans are considered personal property. Your credit score and down payment will determine the
interest rate for your Chattel loans; however, they start at about 7%.
Although Chattel loans are considered personal property
loans, you still do have the choice to either have a 20 year or 25 year term
loan in most cases.
A Reverse Mortgage is perfect for individuals over 62
years of age who would like to upgrade their current home with a new
manufactured or modular home. The amount of funds available for your project
are based on your age, appraised value of your property and current interest
Reverse Mortgages have no effect on your Social
Security or Medicare. Everybody qualifies! Even if you have bad credit, you
qualify. There is no asset or income verification required. And the deed for
your property always remains in your name.
You will have NO monthly payment, EVER! And there is
NO down payment required.
Interest rates for construction loans are generally
higher than the standard conforming loan through the construction phase. Once
the construction loan rolls over into a conforming loan, the rates are then the
same or close to the conforming rates.
Interest rates for manufactured homes on permanent
foundations are equivalent to stick built home interest rates.
Conventional loans usually require 20%
FHA loans require 3.5% down
VA loans require ZERO down
Chattel loans generally require a minimum 5% down. There is an
option for 10% which will allow you to option for the maximum loan term of 25 years.
of owning your own property: using equity as down payment
If you own property and have owned your property for 1
year or more, you may be able to finance your home with NO down payment, by
using the equity in your land as the down payment.
How this works: Once you have given the lender all of
your cost associated with building your manufactured home, the lender orders an
appraisal. The property is then appraised as if the new manufactured home is
sitting on the property and permanently attached. Once your lender receives
that appraisal, the lender will take the equity in your property and apply that
number to your loan as a down payment. This means that you can complete a
manufactured home with no money out of your pocket.
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35325 Hwy 74
Hemet, CA 92545
Phone: (951) 325-4713
Fax: (951) 926-9622
Directions to Ma Williams Manufactured Homes -
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