These days it can be extremely difficult to get approved for a new home mortgage loan. Lenders are being stricter about who they will loan money to and with numerous reasons. But, manufactured home funding is much easier to qualify for than standard home loans.
Because of this, a growing number of consumers are looking toward new mobile homes when they’re ready to make a home purchase. Brand-new mobile homes supply a more affordable means for those who want to be homeowners but can’t find the financial means to accomplish this in the conventional home market.
Even though the latest numbers show a slight resurrection in the sale of traditional homes, lending is still drastically hard to obtain. Obviously, banks are tentative to approve loans for hundreds of thousands of dollars, because of the high rate of homeowner non-payments.
Moreover, lenders are not only making it difficult for loans to be approved due to credit scores and financial history but they are also requiring far more money be put down as a down payment which can be difficult for new homebuyers to collect. However, manufactured home financing is a lot more like financing a motor vehicle loan.
Sure, you’ll need to have a confirmed income and have great credit scores but it’s a little more relaxed. The paperwork is not as troublesome and often you can get an incredibly short term for your loan. With most manufactured homes costing less than $30,000 you can pay off your home for an affordable monthly payment in 5 years or less.
Another reason why brand new mobile homes are a cost effective choice for shoppers is because there are less taxes to pay on manufactured homes than traditional residences. This can save thousands of dollars each and every year regarding the taxation of real property and property taxes.
In general, the quick buying process and manufactured home loan process is a major reason lots more people are selecting to spend their cash on a manufactured home instead of a traditional house!