Home financing is quite challenging for many homeowners. The situation may aggravate manufactured homes and mobile homes. Doublewide mobile home mortgage in South Carolina is not as popular as compared to standard home loans.
You can find this type of home loan from loan programs supported by the government. We know that purchasing a home involves a big investment. Likewise, the cost of housing is also more than a hundred thousand dollars. This is the reason why many people who want to own a home may resort to buying a manufactured home or the so-called mobile homes.
Manufactured homes are more affordable and easy to access than the site-built homes. People having lower incomes and living in rural areas prefer to own mobile homes.
What Are Manufactured Or Mobile Homes?
If you’re thinking of owning a manufactured home, you can consider applying for SC doublewide mobile home mortgage. Mobile homes are under the category for informal use. These types of homes most likely were built without the safety standards. This is the reason why most lenders are hesitant to grant loans on those properties.
On the other hand, manufactured homes were built later than June 15, 1976. Construction of those homes is required to follow the safety standards mandated in the National Manufactured Housing Construction and Safety Standards Act of 1974. The US Housing and Urban Development set this Act.
Where to Borrow Funds?
If you’re looking for fund to finance your mobile or manufactured homes, you can consider applying for SC doublewide mobile home mortgage. Look for lenders that offer this type of loan. But, make sure to compare the features, interest rate, closing costs, as well as other fees involved.
Here are some of your options:
- Retailers – You can apply for mobile home loans from builders of manufactured homes. Typically, they help potential buyers to arrange financing to buy a new home.
- Specialized lenders – There are mortgage lenders that offer mobile home loans. These specialized lenders are familiar with the different aspects of mobile home purchases. They can help buyers who don’t own land or buy a modified home.
Another option to consider for mobile home loans is the Chattel loan. It is a home-only loan and does not cover the land. Thus, it is considered personal property loans. But, this loan option has higher rates, and the annual percentage rate is 1.5%.
Dealers of manufactured homes also offer chattel loans. According to the US Census Bureau, almost 80% of newly constructed manufactured homes were considered as personal property.
Government-Assisted Loan Programs
If you want to find affordable mobile home loans, you should consider government-assisted loan programs. Once you qualify for these programs, mortgage lenders will allow you to borrow money provided that the government will give a repayment guarantee.
Different lenders have different rules regarding mobile home loans. That’s why it’s important to find the right lender that offers affordable terms. You can inquire from AmeriSouth Mortgage Company for your SC doublewide mobile home mortgage.