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Title II loans cannot be used for manufactured homes on leased land in manufactured home communities or mobile home parks. Down payments on a Title II loan can go as low as 3.5 percent, and terms ...
Mobile or Manufactured Home Loans: A chattel loan is often used to finance a mobile, or manufactured, home that sits on a piece of land that is being purchased. The traditional mortgage can’t be ...
Mobile homes are often sited in land lease communities known as trailer parks (also 'trailer courts', 'mobile home parks', 'mobile home communities', 'manufactured home communities', 'factory-built home communities' etc.); these communities allow homeowners to rent space on which to place a home. In addition to providing space, the site often ...
As of May 2011, the median price of a home in Santa Clara was $498,000, [8] while the most expensive manufactured home with all the premium features was only $249,000. [9] This drastic price difference is due to the fact that manufactured homes are typically placed in communities where individuals do not own the land, but instead pay a monthly ...
Private or public nonprofit corporations, however, may be eligible for 2-year site loans under Section 523. The loans may be used to purchase and develop land in rural areas. The land is subdivided into building sites and sold on a nonprofit basis to low and moderate income families. Generally, a land loan must result in at least 10 home sites.
FHA loan: Insured by the Federal Housing Administration, FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, or a credit score as low as 500 ...
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