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Manufactured Home Mortgages for Washington State Properties
Have you taken a good look at Manufactured Homes lately? Long gone are the days of corrugated metal siding and barely concealed wheels poking out from beneath a square box of a house with a flat roof! Today's manufactured homes are a eye-widening surprise for people who were not expecting to see peaked roof lines, sunken living rooms and high quality appliances. And those are just some of the surface level improvements. Manufactured homes today boast energy efficient windows, high R-value insulation, high efficiency heating sources and many other features available in stick-built homes.
If you are fortunate enough to own a manufactured home in Kitsap County, there are more benefits. The values of homes here have risen dramatically in recent years and manufactured homes are no exception.
At the same time that manufactured home owners have been experiencing an upturn in their financial picture, the lending industry has been exiting from the arena of financing manufactured homes. The reason for this is simply that nationwide, the percentage of foreclosures on manufactured homes is many times higher than stick-built homes. These unfortunate statistics have produced the effect of removing many lending sources from the field.
Whether you are looking to purchase an existing manufactured home on land, purchase some land and add a new manufactured home to it, or refinance a home you already own, Olympic Northwest Mortgage has the resources to acquire financing for you. Although it has become more difficult to attain a mortgage, lenders that finance manufactured homes still exist. The most notable sources are FHA and VA. Both of these entities will still guaranty the mortgage on a manufactured home that was built after 1976. If your dream is to have a new home on land that you already own or intend to buy, construction loans for manufactured homes are also available. Please contact any of our loan officers for assistance in tailoring the most attractive financing available for your dream home.