Compass Greater NY, LLC
Ann Marie Damashek, GRI, CBR, SRES, Compass Greater NY, LLCPhone: (917) 623-0624
Email: [email protected]

Funding options for modular, manufactured & mobile homes

by Ann Marie Damashek, GRI, CBR, SRES 05/15/2022

When purchasing a home, it’s crucial to secure funding before entering into the transaction portion of the buying process. Typically, many homeowners go for a conventional loan, which is standard for most home types. But what about unconventional homes, such as a modular home, mobile home or even manufactured home?

Can you get this type of home with a conventional loan like a VA (Veterans Affairs) loan, FHA (Federal Housing Administration) loan or conventional loan? What about a personal property loan?

Here are three ways to secure funding for your unconventional home:

FHA loan

FHA loans are typically a popular option for those just starting their homebuying journey, first-time homebuyers and a slew of other potential homebuyers. Those searching for loans for mobile home options or manufactured home options may find peace of mind here.

FHA loans offer potential mobile homeowners either a Title I or Title II loan. Title I loans allow the prospective homeowner to simply borrow for the home, assuming all requirements are met. Homeowners who already have a mobile residence may be able to apply for this loan if they need to maintain or repair their home as well.

Title II loans help the buyer purchase the plot of land as well as the home being placed on it. These loans may have conventional term limits of 30 years, whereas Title I loans tend to max out at 20 years. Because of the stricter requirements of a Title II loan, most mobile homes won’t qualify due to being built before June 1976. Manufactured homes, however, will.

FHA loans used to secure these unconventional home types still require that home to be the borrower’s primary residence for approval.

Personal loan

Personal loans are a great way to circumvent numerous issues with conventional loans when it comes to mobile home loans, manufactured home loans and modular home loans. Personal loans are offered by a vast array of lenders, with some offering loans as high as $100,000.

Since personal loans are so flexible, they tend not to adhere to basic guidelines for unconventional homes. However, be wary of their interest rates. These loans can add up over time, so it’s best to review the terms, interest rates and monthly payments against your own financial plan.

Chattel loan

Chattel loans are typically offered for property that isn’t stationary, such as a mobile home or manufactured home. These loans typically require the borrower to enter into an agreement with the lender stating the residence or movable property are to be used as collateral in securing the loan.

While these may have more fees and risk associated with them, they are typically a good option for those in need of financing. For those with some financial restrictions, there are chattel loans with federal backing that may help you secure your home.

Be your home stationary or on the move, finding funding is one of the most important parts of the homebuying journey. Be sure to select the loan that’s best for you and your financial situation.

If you have questions about what type of financing, or even property type, to search for, give your agent a call. They’ll be able to help you move in the right direction for your new home.

About the Author
Author

Ann Marie Damashek, GRI, CBR, SRES

Ann Marie Damashek has always been a natural at helping people prepare their homes for sale. She started out with a successful business selling goods for people on eBay. "Nine times out of ten they were hiring me because they were down-sizing,” Ann Marie says. "So I decided to get my license. I said, ‘Might as well sell their house too.’” The transition was a smooth one and for nine years she’s had a thriving full-time real estate business that allows her to marry her entrepreneurial spirit with her passion for helping others. With an office in Larchmont, New York, she serves all of Lower Westchester County, with her primary market in the Sound Shore region. The majority of her business is "sphere of influence” with former clients referring her to friends and family. A gifted communicator, Ann Marie quickly builds trust and rapport with her clients by being both thoughtful and responsive; she understands that during the purchase or sale of a home, a quick response time is crucial. "I am very accessible,” Ann Marie says. "I always make time for my clients. They can call me, text me, email me up until 10 o’clock at night and I will respond. I’m available on weekends. I get back to people very promptly. I’m very customer service-oriented.” Her clients appreciate her professionalism, passion and enthusiasm and as a result her repeat and referral rate continues to grow each year. While selling real estate is serious business, Ann Marie knows that at times humor and a moment of levity can be a relief to clients. While she has a laidback and easygoing personality, she can be assertive when needed on her clients’ behalf. She loves being of service to them, and the continually changing nature of the work keeps her engaged and fulfilled. "It’s never boring,” Ann Marie enthuses. "Every day is different. That’s probably what I like most about it. But I also enjoy helping people sell or buy and educating them about the process. I love helping them achieve their goals.” This ethic of service has resulted in well-deserved recognition. Ann Marie has received the Westchester Magazine Five Star Real Estate Agent Rating four years running, in 2015 and 2016 she was the #1 agent in her office, and she’s a Zillow 5-Star Premier Agent. To keep in touch with former clients, Ann Marie sends cards to mark special occasions or reaches out via email. To market her listings, Ann Marie uses Multiple Listing Services (MLS), as well as Listingbook.com, a service that allows both agents and their clients access to MLS data. She also uses a Facebook business page and ads to boost new listings or promote upcoming open houses. "That drives a tremendous amount of traffic,” Ann Marie says. She also uses the most popular real estate websites such as Zillow and Trulia. A strong believer in giving back, Ann Marie sits on the Board of Trustees of her church and is involved in a variety of social justice projects. She’s affiliated with Furniture Sharehouse, a furniture bank for Westchester County, which collects and distributes gently used furniture free of charge to those in need. "I love it on so many levels because as a realtor, it’s helps my sellers downsize through charitable donations. I like the environmental aspect of it as well. And it helps people who truly need things.” She’s also involved in Impact 100, a women’s philanthropic giving organization. In her free time, Ann Marie enjoys gardening, traveling, and spending time with family and friends. For the future, Ann Marie wants to continue expanding her business and developing her brand, and she someday hopes to grow a strong team. But her main goal is to stay in the real estate business, helping her clients to achieve their dreams.