If you are like most homebuyers, you will require a loan or mortgage to finance your new home. The retail sales center where you buy your home can provide information on financing and assist you in submitting an application for a loan. You also have the option of shopping for your own financing.

Most lenders require a minimum down payment of 5 to 10 percent and will have loan terms ranging from 15 to 30 years.

Another growing trend for homebuyers is to finance their home and land together as real property using conventional mortgage financing obtained through a traditional mortgage lender. Fannie Mae and Freddie Mac, the primary secondary market sources for mortgage loans in the U.S., encourage this trend through their guidelines for accepting real estate mortgage loans for 20-and 30-year terms secured by manufactured homes.

FHA-insured and Department of Veterans Affairs-guaranteed, called FHA and VA, loans are available to manufactured home buyers. These types of loans may offer lower interest rates or lower down payment requirements if available in your area. They require more paperwork during the credit application and approval process and, therefore, may take longer for approval than a conventional loan.

Ask your retailer for more information on the financing options available to you.

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