How do manufactured home loans work in San Antonio?
Learn more about your loan options for buying a manufactured home in San Antonio with New Horizons Lending.
Have you found your dream home but can’t find manufactured home financing? This may be your first time with home buying, and you’re unfamiliar with how things work.
At New Horizons Lending, we have years of experience helping borrowers navigate the San Antonio manufactured home financing process.
You can leave all the heavy lifting to us, and rest assured; you’ll get the best rates and terms.
If you’re still undecided about buying a manufactured home and want to know your financing options read along.
Why are manufactured homes a good choice in San Antonio?
The combination of weather conditions, affordability, availability, and flexibility makes manufactured homes popular in San Antonio.
Great for San Antonio weather
San Antonio has a hot and humid climate, so you must spend more to maintain a traditional home because of the added insulation costs and air conditioning.
The beauty of manufactured homes is that they are designed to be energy efficient and can withstand high temperatures, a great fit for San Antonio weather.
Costs less than traditional homes
Manufactured homes generally cost lower than traditional site-built homes. If you have a tight budget, it’s an attractive option.
San Antonio also has a lower cost of living than other major cities in Texas, which is why manufactured homes are popular among those considering more affordable housing options.
Easily available
Since there is a high demand for affordable housing in San Antonio, manufactured homes solve this problem. They can be built and installed on-site within weeks which is a good deal, especially for those who need housing fast.
Easy to customize
Most homeowners want a customized home that fits their lifestyle and taste. Manufactured homes allow you to choose from various styles and sizes. You can also pick a design that works in a rural or urban location.
What are your options to get manufactured home financing?
Financing your manufactured home can take time and effort. If your manufactured home is classified as personal property, you may have difficulty getting traditional financing since lenders won’t consider the home as a good investment.
On the other hand, if your mobile home is classified as real property, it’s easier to obtain financing.
If you’re wondering about where to find financing in San Antonio for a manufactured home, here are the best options you can choose from:
FHA Loans
The FHA or Federal Housing Administration offers financing for manufactured homes that meet specific criteria, like being built after 1976 and having a permanent foundation.
An FHA loan is a good option if your manufactured home qualifies since they require a lower down payment and have more lenient credit requirements than other loan products.
VA Loans
If you are a veteran or active military personnel, the VA offers loans for manufactured homes as long as the home is classified as real property and meets other specific criteria.
VA loans offer lower interest rates and more favorable terms than other traditional loans, which makes it a good option for financing if you qualify.
Personal Loans
A personal loan is another option. These loans are unsecured or don’t require collateral.
Personal loans, while being helpful in certain financial situations, aren't necessarily the best choice for buying manufactured homes. However, they are an option.
Chattel Loans
On the other hand, chattel loans are secured loans which means your manufactured home will serve as collateral.
It’s easier to qualify for chattel loans than personal loans. However, your interest rate will likely be higher than the other options. The shorter terms also mean that the monthly payment is higher.
Steps in getting mobile home financing
Know the type of manufactured home you have.
The first step in looking for financing for your manufactured home is to determine what type of home you have.
If you have a home that’s classified as personal property or real property will help you know what type of financing to get.
Check your latest credit scores.
Your credit score plays a huge role in the type of financing you can qualify for and the interest rate you’ll get.
Before applying for a loan, check your credit and improve it if needed.
Prepare your documents
As part of the loan application process, you must submit documents like tax returns, proof of income, and bank statements. Make sure you have them ready before you apply for a loan.
Look for financing
Don’t be surprised if not all lenders offer financing for your manufactured home. If you are having a hard time looking for a lender you can trust, you can always work with us and apply for a San Antonio manufactured home mortgage, which is a good loan product for financing your new manufactured home.
Prepare your personal and financial information, then contact our loan officers for the next steps in the application process.
Close the deal
Once your loan is approved, you can close the deal on your new home. Make sure to sign all paperwork and pay your down payment and closing costs.
Congratulations! You are now a new owner of a manufactured home in San Antonio.
Are you ready to finance your manufactured home in San Antonio?
Financing your San Antonio manufactured can be stressful, especially if you are new and going at it independently.
Working with a San Antonio mortgage broker can help relieve the stress.
Our team of manufactured home loan experts can help you through all the required paperwork and would be glad to assist you until closing.
We have a proven track record of helping borrowers like you achieve your dream of homeownership in San Antonio.
Choose from a variety of loan options and get competitive rates and flexible terms that can help you get the most out of your investment.
Make us your lender of choice. We commit to working with you to find the best solution that fits your goals and budget.
Contact us so we can help you get started.