Manufactured Home Financing
At Magnolia Estates, we have fifteen different banks and lenders that we can use. Our sales staff will work hard to get you the best rate available for manufactured home financing. There are many types of home loans. Below are explanations of the most common. Chattel or Home Only Loans This is a loan for a manufactured home that is not affixed to real estate. This means that this is a personal property loan for a mobile home. This loan is most common when the home is located in a mobile home park, on family land, on leased space, or even when it is located on your own land providing you are not affixing the land and home together in the loan. Land and Home Loans or Conventional Mortgages When you finance your home and land together you would use this type of loan. For example, you are purchasing land and a home and would like finance them under one loan. Land-in-Lieu With this type of loan, the bank will give you down payment credit for the equity in the land that YOU own. In order to use this type of loan, the land must be owned by you and in your name.