Financing Your Manufactured or Modular Home
Buying a home is a huge milestone. We're here to help assure that the purchase of your new home is completed with as little hassle and stress as possible. Here at Atchafalaya Homes, we have professionals to help you with each step in your home purchase. Atchafalaya Homes has many lenders that offer a range of manufactured and modular home financing options to meet the needs of all types of home buyers.
We are not a lender. But we are actively working in the market and constantly building relationships with new national, regional and local lenders who finance factory-built homes.
Here's just a little information on some of the loan types that our lenders offer:
FHA loans are insured by the FHA and best suited for borrowers who don’t have a large down payment and that have less than perfect credit. Through our FHA loan programs, we can often qualify individuals who have had past credit challenges. We also can often assist buyers with higher debt to income ratios who have other strong compensating factors to help justify their ability to apply a higher percentage of their monthly income toward their housing payment. To be eligible for FHA financing, the manufactured home you are purchasing must have been built after June 15, 1976 and be permanently fixed to a foundation.
We have special VA loans for veterans in need of financing for manufactured and modular homes. While many manufactured home financing companies do not offer VA loans, we work hard for our Veterans to provide lenders that provide these loans to qualifying veterans with a credit score of 620 or higher. Our VA loans can cover 100% of the loan cost, meaning $0 down payment.
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.