Posted on: 05th Mar, 2012 01:02 am
Hi there… I'm looking for a manufactured home loan. My current credit scores are between 620-640 and no collection or late payments are mentioned on the report. Where can I find a lender who finances manufactured home loans?
Though these loans still are the most common, the changes in the industry have attracted additional lenders and types of loans. Many manufactured homes now require only 5 percent down and finance the remainder over 20 to 30 years.
A manufactured home is built in parts in a factory and then brought to a prepared home site and assembled. The advantages to building in a factory is that the quality is carefully controlled and the construction is not impeded by weather. The home is not limited to the size that can be transported since different pieces can be assembled into a larger home on the site.
Lenders always put their interest at the top of their agenda to ensure that they will be able to recoup their investment and make profit out of the transaction. In order for this to happen, they have established strict evaluation criteria to screen properly potential borrowers to minimize the risks they are taking.
:idea:
Lenders always put their interest at the top of their agenda to ensure that they will be able to recoup their investment and make profit out of the transaction. In order for this to happen, they have established strict evaluation criteria to screen properly potential borrowers to minimize the risks they are taking.
:idea:
Actually there are many banks and lenders who can finance your mobile home. But your qualification for the loan depends on a number of factors. How old is the mobile home that you want to purchase? does it need any repair? does it have a permanent foundation?