How to buy into an expensive area without overpaying for a home.

To live in the area that you want may also be affordable by buying a manufactured home with land. Here's how to qualify for a loan.

Find The Right Loan Type

When buying land and a manufactured home you can qualify for an FHA, VA or Conventional loan. Depending on the loan type that is best for you, you will need 3.5% to 10% down. If you have more than 10%, you can qualify for loans that don't require mortgage insurance.

Find The Right Manufactured Home

Lenders have specific requirements when lending money for a manufactured home. A structural report must be done. The home must be strapped to prevent damage from storms, and depending on the lender, there are additional requirements.

Find The Right Mortgage Broker

Many banks don't offer loans on land and manufactured homes. You need to find the right lender that understands. More importantly, you need to shop several lenders to make sure you are getting the best terms at the best rates.

If you need help finding the right lenders, contact a mortgage broker. Better yet, contact DDA Mortgage. We understand land and manufactured home loans.

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