Who will finance my manufactured home?
Will banks finance a modular home?
How much house can I afford?
What will my closing costs be?
How long will I be guaranteed the quoted interest rate?
How long will the approval take?
Does the home have to be on a permanent foundation?
Is Homeowners Insurance required and how much?
Who orders the appraisal, title work, loan closings, etc.?
Can the customer get pre-approved for a specific loan amount?
How long does it take between loan application and closing?
Don't all modular homes look alike?
Will I need to have a survey done?
Why is a survey necessary?
What is the "Closing Statement" that I am told I will receive at the conclusion of the    home purchase?
What is Title Insurance?
What is a Title Search?
What is the difference between a "Land/Home Loan" and "Home Only Loan"?
Is one loan type better than the other?
Are Down Payments required?

Q. Who will finance my manufactured home?
A. Financing a manufactured home is no more difficult than financing any other home. Personal property financing is readily available. Conventional, VA, FHA and other financing programs, with terms of up to 30 years, are available when a home is financed as real property. Lenders are active in financing manufactured homes because studies prove that the appreciation of these homes is comparable to the appreciation of site-built homes. Lake Area Homes can help you with a number of financing options to fit your needs and budget. .

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Q. Will banks finance a modular home?
A. Yes. Most banks, appraisers, and insurance companies treat modular homes the same way they do site built homes--a house that's constructed entirely on your property. Our manufacturers offer a number of financing options for you to consider. Please contact us to fill out a loan application and an online mortgage calculator to help you determine the monthly payments that best fit your budget.

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Q. How much house can I afford?
A. This depends on two things: your comfort level and the lender’s approval. If you’re young and upwardly mobile you may feel comfortable stretching to afford a bigger home, knowing that eventually your increasing income will make the payments easier as time goes by. But if you’re older or retiring soon, you may want a lower mortgage payment that won’t require as much of your income. The lender, on the other hand, will be looking at your credit rating, your income and other factors to determine how large a mortgage you can support. Mortgage Calculator

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Q. What will my closing costs be?
A. Ask your lender for a general summation of the fees and commissions that will be required of you at closing. Different loan types have different closing costs.

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Q. How long will I be guaranteed the quoted interest rate?
A. Most loan approval rates & terms are good for 60 days. This small window of time makes it very important for to return all documents and satisfy all loan conditions as quickly as possible.

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Q. How long will the approval take?
A. This varies according to the lender and type of loan. So contact your sales associate to get an estimate, especially if you are on a deadline.

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Q. Does the home have to be on a permanent foundation?
A. No. We can find you financing for certain manufactured homes that are on, or off permanent foundations. This allows financing for homes on rental land, in parks, leased property or family land.

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Q. Is Homeowners Insurance required and how much?
A. The borrower must provide proof of one-year full coverage at the time of closing. If needed, some lenders can offer competitive insurance rates through their in-house agency.

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Q. Who orders the appraisal, title work, loan closings, etc.?
A. The lender, mortgage broker or title agent will order these required services. Our sales associates can and will help you with these processes as well.

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Q. Can the customer get pre-approved for a specific loan amount?
A. Yes. When you send in the loan application, simply make a note that this is for a pre-approval. All approvals are subject to the home receiving the value needed.

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Q. How long does it take between loan application and closing?
A. Approximately one month for home only and six weeks for land/home. Much depends on building permits, site work required and order time from the manufacturers. Their respective closing departments will schedule your loan closing.

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Q. What closing fees are charged?
A. Closing costs will vary depending on the customer’s credit scores and the rate we are able to obtain. All closing costs can be financed into the loan if necessary. Seller concessions are also acceptable up to the full amount of the actually costs.

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Q. Will I need to have a survey done?
A. Yes. A current survey will be needed to show boundary lines, setbacks, etc. The survey also shows the proposed placement of your home.

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Q. Why is a survey necessary?
A. A survey verifies that your home is built within boundary lines and setbacks, and that any easements or right-of-ways have been properly addressed.

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Q. What is the "Closing Statement" that I am told I will receive at the conclusion of the home purchase?
A. This is a detailed list of all cash transactions relating to the real estate.

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Q. What is Title Insurance?
A. A policy that protects the new owner, and/or lender, from loss due to errors or omissions in completing the Title Search.

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Q. What is a Title Search?
A. An examination of public records relating to the real estate to verify its current state of ownership.

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Q. What is the difference between a "Land/Home Loan" and "Home Only Loan"?
A. A Land/Home Loan is any financing that includes both the home being purchased and the property where it will be located. The land involved in these loans can be financed along with the house, or used as collateral to back up the new home purchase. The self-explanatory Home Only Loan, are personal property loans financing only the costs of the new home purchase.

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Q. Is one loan type better than the other?
A Each has their strengths and weaknesses. Land/Home loans typically provide better rates and terms because the addition of land as either collateral, or as part of the financing lowers the risk perceived by the lenders. However, should the customer default on the loan, they risk the ownership of the attached land as well as the home itself. This type of loan also limits the location of the new home from any park or shared community.

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Q. Are Down Payments required?
A. When financing the purchase of a home, the down payment requirements depend on the credit worthiness of the applicant and can range from $1,000 to $2,000 for top-tier credit applicants to as much as 45% of the home purchase price for high-risk, applicants with extremely negative credit histories. For custom-built homes that will be financed, we require a $2,000 (singlewides), or $5,000 (doublewides) non-refundable deposit at time of order. This deposit will then go toward the price of the home. If the lender is financing the entire purchase, they will typically provide the customer with the deposit. For customers paying cash for a custom-built home, we require half of the total purchase price at time of order. The remained must be paid when the home arrives at the dealership. Once all funds are received, the home will promptly be delivered and setup at the location specified by the customer.

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