Dallas Manufactured Home Loans

Brand new homes can be expensive for a low-income earning individual. Monthly obligations are also burdensome for moderate-income earners if they buy a brand-new home. If you don’t want to buy an old house, you can opt for manufactured homes instead. 

A manufactured home is like a brand new house, and it’s a perfect alternative for families who don’t want to buy a second-hand house.

Moreover, manufactured homes are more affordable than financing a home from the ground up or buying a newly-built, partially furnished house. Get a one-time close (OTC) construction loan at Capital Home Mortgage to make homeownership more accessible and less taxing. Talk to our Dallas loan experts, or read more about OTC loans for manufactured homes.

What is a One-Time Close Construction Loan?

Manufactured homes usually cost around $70,000 to $100,000, depending on the build quality and design. You probably don’t have that amount sitting in the bank. Besides, you must secure a parcel of land where the manufactured home will stand. 

With an OTC construction loan, Capital Home Mortgage can grant you a single loan for buying a manufactured home and the lot where it will stand. It’s a convenient lending solution that removes the hassle of securing two separate loans.

Benefits of OTC for Manufactured Loan

At Capital Home Mortgage, we strive to provide convenient loan products for our clients. We recommend OTC construction loans because it makes the loan application smoother and more manageable. Here are the benefits of choosing an OTC loan to buy a manufactured home and lot.

• Two Purposes in One Mortgage

You must get two mortgage loans if you can’t afford to pay the manufactured home or the lot in cash. Applying for two different mortgages is inconvenient. Approval will take a lot of time. Lenders will be stricter and may deny the second mortgage application.

• One-time Underwriting and Qualification

Qualifying for a mortgage is already a tedious process. There are a lot of requirements and patience needed when processing the application. If you have an existing mortgage, lenders will become more hesitant to give you a second mortgage unless you have good credit history and a meager DTI ratio. You have to be able to pay for more than one mortgage loan to qualify for another mortgage.

• More Affordable Monthly Payments

You save more money with one loan for two purposes than having two applications. You’ll also lock a fixed interest rate and be subject to single mortgage insurance if needed.

Apply for an OTC Loan in Dallas

Capital Home Mortgage is a direct mortgage lender offering manufactured home loans in Dallas. We continually strive to give our clients a convenient and painless loan process and an enjoyable home-buying experience. Call us at (214) 372-0015 to apply for a one-time close loan today.