Steps to Buying a Home

Manufactured Home Finance

Placing a Home in a Manufactured Home Community

Whether you are buying a manufactured home and placing it on your own land or in a manufactured home community, your loan and purchase may be subject to other variable costs. Included in these costs would be processing fees, appraisal fees, titles, etc. Each lender will provide you with an itemized list of fees. Also, lenders may offer optional bi-weekly payment schedules and adjustable-rate loans.

Aside from these additional costs, please use the example below to learn how you too might compute the cost of a home placed within a manufactured home community. Note that what follows is an example only, and that the purchase of your own manufactured home within a manufactured home community may include other costs not foreseeable within this example:

STEP 1:

Example
Interest Rate: 9.5%
Loan Duration: 25 Years
1) $25,470.00 Sample selling price (Incl. Delivery/Setup)
2) $2.547.00 10% down payment
3) $22,923.00 Amount financed (line 2 - line 1)
4) $200.35 Monthly Payment (line 3 & table 1)
5) $100.00 Sample Monthly Community Site Rental
6) $300.00 Total Monthly Payment (line 4 + line 5)

STEP 2:

To view Table 1 (Monthly Principal & Interest Payment Factor - Fixed Rate), click here.

STEP 3:

How to compute your monthly payment.
Loan Duration: 25 Years
1) $22,923.00 Amount to be financed (line 3, step 1)
2) $22.93 Divide Line 1 by 1,000
3) 8.74 Payment Factor (table 1)
4) $200.41 Approx. Per Month. (line 2 x line 3)