There are basically two types of ways to finance your new manufactured home. They are a Chattel Mortgage or a Land Home Mortgage.
Chattel Mortgages are personal loans and are considered to be personal property. The interest rate is based upon your credit score and down payment. The higher your credit score and down payment the better your interest rate will be. The minimum down payment is 5% with terms up to 23 years. A chattel mortgage is best suited for a buyer who already owns his land and has all improvements in place or placing a home in a manufactured home community.
Land Homes Mortgages are used to purchase your home, land and improvements. If you already own your land but need improvements and a home a Land Home Mortgage may be required. FHA often backs these loans. With a land home package you may incur additions cost such as surveys, title insurance, and foundation which will add to the cost of your home. FHA loans with down payments less than 20% may required mortgage insurance, which adds to your monthly payment. These loans can take up to 90 Days to complete. The interest rate may be lower with longer terms.
Financing your new home can be confusing. The person advising you on your loan is required to be license under the MNLS Requirements. They can advise you on the best type of loan to finance your new manufactured home.
Our buyers often ask us what upgrades or features should we look for in purchasing our manufactured home. We encourage our customers to purchase our Energy Buster Package. The Package includes the following:
- 2x 6 sidewall studs Vs 2×4 sidewall studs. A 2×6 sidewall stud increases the sidewall structure over 60%, adding more sidewall strength to your home.
- Dual Pane Windows vs. Single Pane Windows. Dual Pane Windows are two panes of glass separate by air. This helps lower energy consumption and reduce outside noise. They look more residential and tilt out for easy cleaning. Since the are on balances they can be set at any window height.
- R-30 roof insulation Vs R-21 insulation. R-30 insulation adds and additional 2 inches or 20% more insulation over the Texas Standard insulation of R-21 in your roof reducing heating and cooling cost.
- R-19 Insulation Vs R-11 insulation in sidewalls. R-19 sidewall insulation provides you with 57% more insulation in your sidewall to help reduce cooling and heating cost. An additional advantage to R-19 insulation is it helps reduce outside noise from entering your home.
- Radiant Roof Barrier Vs NO Roof Barrier. Radiant Roof Barriers are designed for hotter climates, it blocks up to 97% of the radiant heat transferred through the roof sheathing reducing attic air temperature up to 30 degrees. That can help you save up to 17% of your monthly air conditioning cost.
J Hite’s Energy Buster Package is designed to save on both the heating and cooling cost of your home. It pays you back in energy savings every day.