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Community Chattel Financing Portfolio Land Home Options The Cascade Difference. When it comes to financing manufactured homes, Cascade is one of the top rated manufactured home financing companies in the country. We have a long history of customer satisfaction and offer financing for manufactured and modular homes in 35 states.
For Title I insured loans, borrowers are not required to purchase or own the land on which their manufactured home is placed. Instead borrowers may lease a lot, such as a site lot within a manufactured home community or mobile home park.
Financing or refinancing your manufactured or mobile home and land loan isn’t as difficult as you might think. You may be surprised to see the variety of loan options available. Whether you are purchasing a new or used home, refinancing, or looking to cash in on some of the equity you
Home Equity: If you already own a house and have equity, you could use a second mortgage, home equity line of credit, or home equity loan to finance all or part of your land purchase. summary financing a land purchase may be more complicated than the traditional home mortgage process, but you shouldn’t feel discouraged.
It’s important to be sure to apply for the right kind of mortgage. The CFPB is concerned because at least 65% of manufactured home owners who also own their land took out a chattel loan.
In this case the ownership of the home is held separate from the land it is placed on. These loans have a maximum price at which a bank will finance a home for.
A manufactured home that isn’t permanently affixed to land is considered personal property and financed with a personal property loan, also referred to as chattel loan. When the manufactured home is secured to permanent foundation, on leased or owned land, it can be titled as real property and financed with a manufactured home loan with land.While a manufactured home titled as real property doesn’t automatically guarantee a conventional real estate mortgage, it does increase your chances.
To qualify for a FHA modular or manufactured home loan, you must make a small down payment. Cascade’s FHA modular and manufactured home loans require as little as 3.5% down or land equity in lieu of this amount. As with any loan, you must prove you have enough income to afford the payments.