Unlike a vintage mobile home you might see in an old comedy movie, modern manufactured homes offer many similarities to traditional site-constructed homes. With larger, more open designs and beautiful features, today's manufactured housing options are suitable for even large families and are available for all climates and locations. If you are considering the purchase of a manufactured home, the following information can help make your buying experience even more enjoyable.
Decide on a location before buying
As the name suggests, a manufactured home is built in a factory and then transported to a dealer to be sold. When buying a manufactured home, buyers must have a location ready to receive the home. Options for this location can include:
- a lot or parcel of property that the buyer owns
- a space in a private manufactured or mobile home park that is rented by the month or year
- a lot or parcel of property that is being purchased and financed along with the mobile or manufactured home
The location that you choose for your mobile home can play an important role in the financing options available to you when you are ready to purchase. To learn more about how your choice may affect your purchase, take time to research possible options in your area.
Understand that financing options may be different for single- and double-wide models
With many excellent choices in both single- and double-wide manufactured homes available, buyers can find much to love in both widths. However, buyers who want to take advantage of conventional home financing options may need to choose a double-wide. This is because single-wide financing is not typically offered by larger banks or lending institutions. Buyers who want to purchase a single-wide manufactured home may find better financing options through smaller banks or credit unions.
No matter which width you choose, be prepared for a shorter mortgage repayment period, typically no more than fifteen years, instead of the twenty or thirty year amortizations most often associated with traditional site-built homes.
Ask about special financing options through your manufactured homes dealer
Manufactured home dealers often work with the manufacturer or a lender to offer package deals to their buyers. With both land for the home's location and the home itself rolled together in the loan, financing terms for a package deal may be both more convenient and more affordable than other types of financing.
To find out more about purchasing a mobile home or see what options may be available for suitable financing, contact your real estate or mobile home sales professional before moving forward with an offer.