How to Get Manufactured Home Financing
Manufactured home financing is similar to a traditional home mortgage loan. The home buyer must search for lenders that finance manufactured homes. Looking online is usually the easiest way to find a lender. Checking the current interest rates can help the home buyer to decide which lender to use for financing the manufactured home purchase.
- Check online to find manufactured home lenders in your area. Go to a lender’s website and look for the section on manufactured home lending. Find out what the current interest rate is for the type of mortgage product you want. Use a mortgage calculator to figure out your monthly loan payment.
- Contact the bank or lender that you choose and apply for manufactured home financing. Ask to speak with a mortgage loan officer who handles manufactured homes. Set up a time to meet with the loan officer to discuss your loan request.
- Meet with the loan officer and find out how long it takes to receive an approval on a manufactured home loan. Request a mortgage application package from the loan officer. Let the seller know approximately when you will be ready to finalize the home purchase.
- Read through the mortgage application package to see what supporting documentation you need for the mortgage loan. Some of the items you need usually include your last two years of tax returns, a current paystub and your bank account statements. Fill out the mortgage application, make copies of your supporting documents and return the application package to the loan officer.
- Call the loan officer if you do not receive a decision on your loan. Find out if the approval went through or if the application is still processing. Set up a time to close on the loan once you receive the approval. Make sure the seller is present at the closing, or have the loan officer handle the sales transaction.