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Manufactured Home Loans

Manufactured home loans can be borrowed to buy a manufactured home. All the same, unlike conventional home mortgages, manufactured homes loans are harder to obtain and typically a higher rate of interest is charged.

In reply to a rising number of delinquencies and foreclosures, mortgage behemoths like Fannie Mae are making it harder to get manufactured home loans. They now require a ten percent down payment for thirty year mortgages on such homes, and a fee of 0.5 percent of the loan total. Earlier, people who qualified could put no money down. With no fees were payable. Those who cannot afford an rate of interest of ten percent can opt for a twenty year loan from Fannie Mae that only requires a five percent down payment. The monthly payments are larger since the loan term is less.

Fannie Mae is the popular name for the Federal National Mortgage Association. It is a publicly held company chartered by Congress to keep a steady supply of cash in the home mortgage market. They are presently the nation’s greatest source of money for mortgages, with a bulk of loans being provided to first-time home buyers.

Fannie Mae and its associate company, Freddie Mac, lead the mortgage market and order the conditions that banks, mortgage lenders and other financial institutions set on their home loans programs

A different factor that hampers approval of manufactured home loans is the tendency of mobile homes to depreciate rapidly, in resale value, making loans that use these homes as collateral far more high-risk compared to conventional home loans.

According to the Manufactured Housing Institute, an industry trade group, the average sale price for a manufactured home is about $49,000.00, compared to about $164,000.00 for a traditional single-family home. Though, this price makes a manufactured home far more affordable, some of the price advantage is lost due to the higher interest costs. SJA

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