What should prospective buyers consider when making a decision to purchase a manufactured home?

When financing a manufactured home, it is important to be aware of the different lending requirements compared to other types of housing. While some banks may not offer loans for manufactured homes, others may have special programs in place that provide more favorable terms. Generally, the interest rate for this type of loan is higher than those on traditional mortgages, and down payment requirements can also vary significantly depending on the lender. Additionally, if the home has a DMV vehicle title, it must be transferred upon change of ownership at closing – and when dealing with doublewide manufactured homes, the title will need to be surrendered to the state before this can take place. When considering financing for a manufactured home, it is important to do your research beforehand to determine which lender might offer you the best terms. Getting the right mortgage is an important part of any home buying process, and this is especially true for manufactured homes where interest rates can be higher and down payment requirements may differ. Doing your due diligence will help ensure that you get a loan that fits your needs.