The manufactured home buying process can be confusing at times. We are here to assist you with all of your questions and concerns. Below is some information that you may find helpful when making your manufactured home buying decision.
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 loans for a manufactured home are 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 land, providing you are not affixing the land and home together in the loan.
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 to finance them under one loan.
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.