It can be challenging for a homeowner to find a lender who will finance a manufactured loan, especially with a conventional or traditional home loan. Since manufactured homes are easy to relocate, lenders feel more at risk financing such homes and generally won’t do it. Yet, there can be a lot of benefits for the homeowner in purchasing a manufactured home, not the least of which being lower costs and convenience.
At AmeriSouth, we believe that a person should have the option to choose a manufactured home if they desire. If you are interested in purchasing a manufactured home, we invite you to discuss your loan options with us.
Have You Considered the FHA Manufactured Home Program?
Fortunately, you may be eligible for the FHA manufactured home program. FHA is ideal for people with less than perfect credit who need a loan to buy a home, and FHA is one of the only loans you can use for a manufactured home. There are other options as well, but few of them have the attractive incentives and benefits that come with FHA.
With an FHA manufactured home loan, you don’t have to worry about qualifying so much or worry about many of the other concerns that homebuyers are faced with, whether you’re a first-time homebuyer or not. FHA loans are much more liberal in qualifying borrowers, so getting a mortgage is usually much faster, easier, and less stressful.
You Have Options with AmeriSouth
There are many types of FHA loans, and the FHA manufactured home loan is just one of the products we offer at AmeriSouth. When you speak with one of our agents, they can advise you on all of your FHA options, go over the pros and cons of each, and connect you to the loan product that meets your specific objectives.
Get a Small Down Payment with FHA
The FHA manufactured home loan is a great loan program for people who just don’t have a lot of cash on hand to put down on a manufactured home. Most down payments for FHA loans are around 3.5 – 5%. Of course, this is just an average of numbers. Some borrowers may be required to pay up to 10% down. Still, conventional home loans require a standard 20% down payment, so even at 5 or 10%, FHA is still very affordable, especially if you are planning on using an FHA loan on a manufactured home.
Again, the first step is to contact one of our knowledgeable and trusted agents at AmeriSouth. There are lots of different FHA loan types, and while one may stand out more than the others to you, you should know all of your options before committing to a loan.
When you borrow from AmeriSouth, you know you are getting the best loan products at the best interest rates. So, if you are interested in applying for an FHA manufactured home loan, give us a call and start the conversation today.