does amerisave finance manufactured homes

Can You Get Your Dream Home with Amerisave? Financing Manufactured Homes Explained

Dreaming of owning your own home but finding traditional real estate prices daunting? A manufactured home might be the perfect solution! They’re often more affordable and customizable, offering a path to homeownership without breaking the bank. But financing can be tricky – that’s where lenders like Amerisave come in.

So, does Amerisave finance manufactured homes? The answer is yes, but with some important details you need to know. Let’s break it down:

Understanding Amerisave:

Amerisave is a well-known mortgage lender specializing in home loans for conventional and FHA mortgages. They’re known for their competitive rates, transparent processes, and online convenience.

Amerisave & Manufactured Homes:

While they do offer financing options for manufactured homes, it’s crucial to remember that not all manufactured homes are created equal. Amerisave typically finances newly constructed manufactured homes that meet specific criteria:

* HUD Code Compliance: Your home needs to be built according to the U.S. Department of Housing and Urban Development (HUD) code. This ensures quality, safety, and adherence to building standards.
* Foundation Requirements: The home must be permanently affixed to a foundation approved by HUD guidelines.

Financing Details:

Amerisave’s financing for manufactured homes often falls under their conventional loan programs. These typically require:

* Down Payment: Expect a down payment, which may vary depending on your credit score and loan terms.
* Credit Score: A good credit history is essential. Aim for a score of 620 or higher to qualify for the best rates.
* Debt-to-Income Ratio (DTI): Lenders will assess your monthly debt obligations in relation to your income. A lower DTI demonstrates better financial stability and increases your chances of approval.

Key Considerations:

* Land Ownership: If you own the land where your manufactured home will be placed, financing becomes simpler.

* Land-Home Package Loans: These loans combine the financing for both the land and the home, offering a convenient option if you’re purchasing the land as well.
* Personal Property vs. Real Estate: In some cases, manufactured homes are considered personal property rather than real estate. This can affect financing options and interest rates.

Tips for Success:

* Research Thoroughly: Before contacting Amerisave, research their specific requirements for manufactured home financing.
* Get Pre-Approved: This step gives you a clear picture of your borrowing power and helps streamline the process.
* Shop Around: Compare loan offers from different lenders to ensure you get the best terms and rates available.

Don’t Hesitate to Ask Questions: Amerisave has experienced loan officers who can answer your questions and guide you through the financing process.

Owning a manufactured home can be a fantastic way to achieve your dream of homeownership, and Amerisave can help make that happen. Remember to do your homework, understand their specific requirements, and don’t hesitate to ask for assistance along the way!