The various types of basic loans are listed below:

V.A. Loans – available to veterans only, allowing them to obtain loans with minimal or no down payment. Others may contribute or pay closing costs. Interest rates are very competitive. You can obtain either construction loans or end funding loans.

F.H.A. Loans – loans are readily available with 0%, 3% or 5% down payments. Have very strict construction requirements. Very good at providing funding for 1st time homebuyers.

Conventional Loans – require 5% down payment. Construction loans available. Most new 1st time homebuyers find the terms difficult to live with.

A.R.M. (Adjustable Rate Mortgage) – Good program for short-term loans where the purchaser knows his income will rise over the next 3 to 5 year period.

Financing is made available thru the following loan agencies:

Banks – normally follow the rules set by large loan organizations. Local banks are influenced by national banks such as: Citicorp, Bank of America, Mellon Bank.

Credit Unions – locally controlled; these types of financial institutions are flexible and provide competitive rates.

Mortgage Brokers – in many ways they have provided the best choice of terms for a homebuyer. Most brokers shop the application amongst financial institutions and obtain a better interest rate along with more favorable terms. Many brokers have 60-80 sources for their clients.

Finance Companies – normally, harder to place loan applications are sent here. Also home only loans, as these groups routinely deal with applications. C.I.T., Greentree Acceptance, Vanderbilt Mortgage & 21st Mortgage to name a few.

Our qualified staff is ready to assist you with your financing needs. We do not “pull” credit reports or ask for personal financial details. Each time your credit report is “pulled” it shows on your credit score and lowers your Beacon rating. However, we do refer you to experienced brokers and lenders who will help you complete credit and loan applications. Then, we will assist you with any loan approval requirements your lender or broker may have. Every effort is made to answer your credit questions and help you to understand the entire home purchase process.

There are many different financing programs available for manufactured homes with variable down payment requirements. The table below shows roughly how much home you can afford for the monthly house payment you pay, based on a 30-year mortgage at a fixed interest rate.