Capital Home Mortgage Abilene

Abilene Manufactured Home Loans

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Abilene Manufactured Home Lender

Abilene Manufactured Home Loans

With housing prices skyrocketing, more and more people are choosing to rent rather than buy a home. But what if you purchase a manufactured home instead of paying hundreds or thousands of dollars toward a house you’ll never own? Manufactured homes are a wise choice for those looking for a brand-new, contemporary home with a reasonable purchase price and mortgage payment. 

Capital Home Mortgage can help you secure financing for purchasing a manufactured home in Abilene, TX.

What is a Manufactured Home?

Despite the continued use of the term “mobile home,” single-, double-, and triple-wide factory-built homes are now known as manufactured home. These mobile homes usually offer about 2,000 square feet of living space and can be modified in the same way as any modern home.

Prefabricated houses can be either mobile or manufactured, with the former typically resting on a more permanent structure on land owned by the borrower. A mobile home can be relocated after it has been installed, whereas a manufactured home is not designed to be moved.

Only prefabricated homes built after June 15, 1976, can qualify for manufactured home financing. Moreover, the companies that produce these homes must have their design approved by a HUD-approved agency to ensure safety and compliance with the law.

Manufactured Home Financing Options

Because manufactured homes are permanently attached to their foundations, many lenders consider them “real property” and have designed mortgage programs for them. You may obtain manufactured home financing through:

  • Banks and Credit Unions
  • USDA-Guaranteed Programs
  • VA Home Loan Program (for eligible veterans and military service members)
  • GSE options for manufactured homes (Fannie Mae and Freddie Mac)

On the other hand, you’ll probably need a “chattel loan” or personal loan to pay for the purchase of a mobile home. 

Manufactured Home Loan Process

Living in a manufactured home is easy to see: they’re inexpensive, can be placed anywhere, and don’t need as much upkeep and maintenance as a single-family home. Some manufactured home loan programs offer One-Time Close Combo Land & Home financing.

The thing is, manufactured home loans don’t follow the same process as standard mortgages and can have their unique challenges. If you’re planning to purchase a mobile or manufactured home with a mortgage loan, here’s what you have to do: 

1. Pick a site location

Researching zoning laws and other regulations is vital before buying land or installing a manufactured home on an existing property.

2. Shop for a Manufactured Home

Unless you’re buying a stock model or an already existing manufactured home, you should work with your dealer to personalize your new home.

3. Secure Financing

Check out your manufactured home financing options with the help of a lender, mortgage broker, or manufactured home retailer. If you are considering getting a personal or chattel loan, shopping around and comparing interest rates and loan terms from different lenders is a good idea.

4. Prepare the site for installation

To ensure that the site is prepared for the installation of your home, your retailer will work closely with you. This includes acquiring the necessary permits, resolving issues affecting the home’s structure, and preparing utility hookups.

5. Set delivery date and installation of your home

Once everything is ready, schedule the delivery and installation of your manufactured home.

To avoid delays and mishaps on move-in day, ensure you have homeowner’s insurance and meet all other occupancy and maintenance requirements.

Is a Manufactured Home Loan For Me?

Buyers looking at the lower end of the price spectrum can find a safe, affordable path to homeownership by choosing the manufactured home route. 

If you think a manufactured home loan might be the right choice for you, speak to one of our loan specialists at Capital Home Mortgage today. You can count on our mortgage experts to give you honest, reliable advice about anything related to mortgages. 

We have an excellent track record of assisting homebuyers in securing a manufactured home loan, and we’d love the opportunity to help you too!

Why Abilene is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Abilene Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Abilene Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Abilene Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Benefits of an Abilene Manufactured OTC Home Loan

  • More Affordable than Traditional Builds
  • Combine Land and Home into the Purchase
  • Lock Today’s Rate
    • Remove the risk by Locking the Final Rate ahead of the Completion.
  • Close One Time
    • Reduce costs by closing once and save from having to repeat fees.
Manufactured Home Loan Benefits
  • More Affordable than Traditional Builds
  • Combine Land and Home into the Purchase
  • Lock Today’s Rate
    • Remove the risk by Locking the Final Rate ahead of the Completion.
  • Close One Time
    • Reduce costs by closing once and save from having to repeat fees.
Not Sure? Take a Look at Other Abilene Mortgage Programs

Abilene Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

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