Financing Options for Factory Built Homes

People often ask about financing options for factory built homes, also known as modular and manufactured homes.  Since the two products vary, financing will also vary.  A modular home is built to the same codes as conventional homes are built, therefore the financing options are the same.  Manufactured homes are built to HUD code and has different financing options.  The information below offers a brief overview, but we always recommend it is best to speak with your banker or loan specialist for the best options for you.

What are the financing options for Modular Homes?

Since a Modular Home is built to the same building codes as conventionally built home the financing for this type of factory built home would be exactly the same, with the same rates and terms. Most loans are backed by Fannie Mae, Freddie Mac, FHA, VA, or USDA. Contact your personal banker or mortgage lender or contact us for local recommendations.

What are the financing options for Manufactured Homes?

A Manufactured home, which sometimes is referred to a sectional, mobile home, doublewide, or singlewide can be financed a couple ways.  There are various lenders who specialize specifically in Manufactured Home Financing. These loans are personal property loans and usually require a minimum of 5 – 10% cash down or trade equity. Generally, the higher your down payment and FICO score the lower the interest rate. Land / Home loans, also known as Chattel Loans, are also available.  Contact your banker or a loan specialist for the best option for you.


More questions?  Contact Excelsior Homes West, Inc. of Hutchinson today for answers. (800)547.4990