Manufactured Home Financing with 21st Mortgage Corporation

April is Financial Literacy Month and what a terrific opportunity to educate ourselves on the myths around financing and how it impacts the purchase of a manufactured home.  

Manufactured housing often carries misconceptions that overshadow its financial advantages.  21st Mortgage Corporation is the nation's number one manufactured and mobile home lender. 

Here, we learn about the myths and realities of manufactured home loans and tips on what determines your loan eligibility.

The team at 21st Mortgage Corporation answered our most pressing questions so you can make your dreams of becoming a homeowner a reality. 

Let’s take a look at critical factors for loan eligibility: 

• Affordability: Choosing a home within your budget is crucial for securing favorable loan terms. 
• Credit Worthiness: Maintaining a solid history of timely payments to creditors is essential for demonstrating creditworthiness. 
• Stability: Consistent employment and residence history reflect stability and positively impact credit offers. 

To enhance eligibility for favorable terms and interest rates: 

• Offer a Substantial Down Payment: Maximizing your down payment demonstrates financial stability and reduces the loan amount. 
• Improve Credit Score: Responsible financial habits, such as timely payments and debt reduction, can boost your credit rating. 
• Reduce Debt-to-Income Ratio: Paying off smaller debts lowers your debt-to-income ratio, improving your chances of loan approval. 

Addressing Common Misconceptions: 

Top financial advantages to owning a manufactured home:  

• Equity Building: Well-maintained manufactured homes appreciate over time, allowing homeowners to build equity. 
• Tax Benefits: Buyers can enjoy tax deductions on chattel mortgage interest for their primary residence. 
• Pride of Ownership: Homeownership instills a sense of accomplishment and fulfillment, aligning with the quintessential 'American dream.' 

Understanding the nuances of manufactured housing financing is essential for making informed decisions and achieving homeownership goals. By researching, talking to lenders, such as 21st Mortgage Corporation, and embracing the financial benefits, individuals can confidently begin the journey towards owning a manufactured home, turning aspirations into reality.