Not all home loans are the same when it comes to financing. Lenders do not view loans for manufactured homes the same as they do for traditional homes. Since that is the case, many loans for manufactured homes are turned down by many lenders. There are places to turn for those who are interested in the lesser traditional type of home, so do not lose hope. Going to manufactured home lenders is always a possibility and should be looked into.
The FHA provides loans for manufactured homes and generally is more forgiving on credit rating than are other lenders. FHA provides loans for single and double wide units and offers low interest rates and good terms on the loans. The manufactured homes must have been constructed after 1976 and have the red tag from the Federal Manufactured Home Construction and Safety Standards. The FHA should be one of the first to be considered when looking for manufactured home lenders.
21st Mortgage Corporation
Since 1995, 21st Mortgage Corporation has been providing specialized loans for manufactured homes, primarily in the Southeast and Southwest and is considered one of the fairest manufactured home lenders. They currently service 42 states. They were acquired in 2003 by Berkshire Hathaway. Since that time, they offer loans directly through retailers, providing a 'one stop shop' for those buying a manufactured home. They are one of the largest manufactured home lenders.
JCF Lending Group
Since 1994, JCF has been financing loans for mobile homes in parks and leased land. They also provide loans for manufactured and mobile homes not on leased land as long as the land is not tied to the land by a deed. A good credit rating is essential, however, to qualify for a loan through JCF Lending Group. Once accepted, they do offer competitive rates. They offer loans for new and used manufactured and mobile homes and are one of the most reputable manufactured home lenders.
Financial Services Unlimited
FSU is one of the Nation's #1 Mobile Home financing providers. Their goal is to help Americans achieve the 'American Dream' by buying a home. They have several different programs for mobile and manufactured homes, and they are based in Ohio. They offer free, no obligation pre-approval for loans. Conveniently, they handle refinance as well as new manufactured home loans. The process is easy and convenient, providing a more hassle free home buying experience when dealing with this manufactured home lender.
Capital Management is funded by private investors, which is one of the things that make it unique. They offer a variety of options depending on an individual's financial situation. Purchase and refinancing loans are both available with Capital Management. While they cannot guarantee a loan, of course, they also offer advice for other options available in any situation. They primarily work with homes on leased land and parks.
Other institutions are also available and may be able to help with the financing or refinancing of a mobile or manufactured home. Owning a manufactured home is gaining popularity and also is losing the social stigma which used to be so prominent. Owning a manufactured home is only possible due to reputable lenders willing to work with a variety of people in many different situations.