Manufactured homes are financed by lenders who specialize in chattel loan financing.
When seeking a lender for this type of loan, please ask if they underwrite for “manufactured homes within a land-lease community.” Rates and terms will depend upon the lender’s loan programs , the applicant’s credit ratings, down payment, and other factors.
Here are some Lender choices:
MHD Empire Service Corp. – Click on the line at the bottom of the MHD page where it says “secure online application” form.
Approved Credit Services, Inc. -Fillable PDF. Save and then E-mail to Approved Credit
Examples of financing terms on a NEW doublewide home that has a cost of $74,000. Please know that Actual Terms will vary:
- 1. Minimum down payment is 5% or $3,700
- 2. The loan amount would be $74,000 – $3,700 = $70,300
- 3. Your credit score needs to be 630 or better.
- 4. The Interest Rate can range from 5.5% to 8.5%
- 5. The monthly payment on $70,300 @ 7% for a 20 year loan is $545
- 6. Add in the cost of lot rent so you can see your total monthly cost.
- 7. If this is your primary home you should qualify for a NYS STAR tax rebate of approximately $500 annually which effectively lowers your monthly cost approximately $40 per month.