Capital Home Mortgage Odessa

Odessa Manufactured Home Loans

Odessa Manufactured Home Lender

Odessa Manufactured Home Loans

Manufactured homes are a wise choice for those looking for a brand-new, contemporary home with a reasonable purchase price and mortgage payment. Many still use the term “mobile home” when referring to these prefabricated homes; they are now known as manufactured homes. 

Manufactured homes can range from 1,000 to 3,000 square feet on average. In terms of looks, these homes have also come a long way, mostly having the appearance and features of modern homes. 

Manufactured Homes vs. Mobile Homes

A manufactured home conforms to the 1974 federal safety standards. These dwellings are constructed in a factory and can be installed on blocks, metal piers, or a permanent foundation. 

While mobile homes can be moved from one location to another, a manufactured home is not designed to be relocated after it is set up. Moreover, they must adhere to the community’s local building codes. Companies that build manufactured homes must also have their blueprints reviewed and verified by a HUD-approved agency to guarantee that their products are safe and in compliance with the law.

Ways To Finance a Manufactured Home

It may be challenging to secure financing for a manufactured home, especially if you are a first-time homebuyer, but it is possible. Those with good credit scores and enough money to cover the down payment may qualify for a manufactured home loan from:

     1) Banks or Credit Unions usually offer manufactured loans to borrowers who already own the land where the home will be installed.

     2) USDA Programs allow eligible borrowers to purchase a manufactured home with no money down as long as the house is installed in a USDA-qualified area.

     3) FHA Home Loan Programs can help you finance the purchase of your manufactured home and the land it sits on. Borrowers with credit scores of 580 or higher will only need to make a 3.5% down payment.

     4) VA Loan Programs offer zero-down payment financing to veterans and active-service members of the military.

     5) Fannie Mae and Freddie Mac provide manufactured home loans with better interest rates than many traditional mortgages.

     6) Chattel Loans are often used to buy factory-made homes placed on land the borrower doesn’t own. 

Essential Things to Keep in Mind When Seeking Manufactured Home Financing

Some manufactured home loans only cover the cost of the house, so you’ll need to secure a separate loan to purchase the land or rent land in a mobile home park. You might not be eligible for most mortgage loans if you lease the land.

Bigger manufactured homes may not qualify for financing. There are limits to the maximum loan amount depending on the program/financing option you choose.

Always compare lenders. Fees and interest rates vary among lenders, so get a quote from at least three lenders and compare which offers the best deal.

Hassle-Free Manufactured Home Loans

If you are interested in purchasing a manufactured home, Capital Home Mortgage can assist you in securing the appropriate financing. Our manufactured home loan specialists are ready to help you in any way possible.  

To meet the varying needs of our customers, we offer a range of loan terms, down payment options, and competitive interest rates. Financing is available for manufactured homes on private land in Odessa and other areas in Texas. We also provide loans for manufactured homes and land, including the house and the property on which it sits. Don’t hesitate to contact us at (432) 218-4828 for more information.

Why Odessa is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Odessa Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Odessa Customer Service

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

Odessa 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 Odessa 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 Odessa Mortgage Programs

Odessa Mortgage Team

Conor Hayhurst

NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325

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