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How To Finance a Manufactured Home
Written By: Plattsburgh Mortgage Team: Manufactured Housing
If you have applied for a mortgage to buy a manufactured home you might be a little discouraged. It is easy to feel that banks simply do not want to lend money on manufactured housing. This complete guide on how to buy a manufactured home will walk you through it.
Manufactured housing has a few more requirements and ight take a little more time to close on your new home but the reqard is worth the process.
What is a Manufactured Home
Manufactured homes are homes that are prefabricated in factories and delivered to the home site for assembly. Manufactured homes have strict construction requirements to insure a safe structure for your family. A manufactured home is built on a steel chassis with wheels attached and a DMV title is provided to verify ownership similar to a vehicle.
Why Banks Do Not Want to Lend on Manufactured Housing
Because aanufactured home (doublewide) is titled by the dmv, most mortgage companies do not consider them real property and therefore will not provide a home loan for the purchase. There are ways around this problem but it takes an experienced manufactured home lender that knows the ins and outs of the business.
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