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
This type of loan is good if you are purchasing property
for your development. The construction loan is normally set up with draws that
allow you to pay all of your project costs out in increments. You, the buyer,
have the choice on how you would like funds disbursed to your contractors and
at what point the funds are disbursed.
Construction loan costs are generally higher than the
standard conforming loan costs.
There are several ways to pay for your construction
loan. You have the option to either make interest monthly payments on the funds
that have been disbursed or you can opt to not make any payments during the
term of the construction loan. If you opt to not make interest payments through
the term of construction, the lender can finance 6 – 8 months of interest
payments into the loan, prior to funding.
This type of loan requires that you have open credit lines. 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.
This type of loan is geared toward the buyer with a good
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
The FHA loan is geared for the buyer with a low down
payment and low credit scores, but have current open accounts and are trying to
re-build their credit.
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 630
Chattel loans are considered personal property so
interest rates for Chattel loans range from 8.75% - 14% depending on your
credit score and down payment.
Although Chattel loans are considered personal property
loans, you still do have the choice to either have a 20 year or 25 year term
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 you 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.
For more information, see our section on Reverse
Interest rates for construction loans are generally
higher than the standard conforming loan through the construction phrase. 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 Construction loans usually require 20%
Conventional Conforming loans usually require 20% down
FHA Construction and Conforming loans require 3.5% down
VA loans require ZERO down
Chattel loans generally require 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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