The Manufactured Housing Forums

After reading information from this discussion forum and other sources, I get the impression that it’s not a good idea to have a manufactured home financed through the dealership.

[QUESTION]: If I already own the land, what kind of loan should I be shopping for to cover the costs of manufactured home construction, delivery & setup, and land improvements? Is this a construction loan?

Thank you for your response.

First your dealer should be of some help....good dealers will keep up with the current market and lenders that might save you money...

At the same time shop loans as you would the house...1/2% savings can mean $13000 more interest over the life of the loan...With your equity (value of the land)..you should be able to get great finance...Shop for the permanent long term loan..tell the originator you need a construction loan...and would prefer a 1 time close..construction to perm loan...One close..construction phase..automatically converts to permanent loan when the home is done..This type of loan will fix the long term rate now......remember mortgages are usually only quoted for 14 to 30 days...so a long term loan without a construction loan..(the construction loan thruogh another lender)..might actually close later at a much higher rate than you guessed..

Thank you rmurray; your advice on this forum is very much appreciated.