Applying for a loan to fund your residential purchase is a challenging task—and this is particularly true when it comes to buying a manufactured home.
Banks and credit unions often throw roadblocks in the process of financing a manufactured home, because this type of property is believed to depreciate over time. However, that’s not the case if manufactured homes are built under a controlled climate that’s free of environmental hazards.
EnerGuide is a system that calculates a standard measure of a home’s energy performance, which is rated on a scale of 0 to 100. The higher the rating, the more energy-efficient the home is.
Read on to learn more about manufactured home loans and their benefits.
What Are Manufactured Homes?
Before we move on to understanding manufactured home loans, it’s important to brush up on your know-how of this unique type of residential property.
Manufactured homes are 95% factory-built properties that are ready for consumer usage. These homes are built on a moveable frame that can be moved using an axle or a bogey. Their styles vary from modest to trendy—and some even seem like they’re built on-site.
Manufactured Home Loans
Financing a manufactured home isn’t as common as obtaining a fund for traditional alternatives. Manufactured home loans aren’t plentiful and prime lenders such as banks and credit unions usually avoid them. But these loans are becoming increasingly popular in Canada, as they are creating inroads for quality and affordable housing across the country.
Advantages of Manufactured Home Loans
Here are some unique advantages of manufactured home loans:
- A manufactured home, AKA a ready-to-move home, can be funded even if you don’t have the required cash in hand
- An alternative home financing service provider, can help you get a property by carrying a small mortgage on the land (look into our land financing options).
- Single-built or RTM neighbourhoods are expected to gain value as they’re becoming more desirable.
- Getting a loan on RTM homes is better because they are examined based on their condition and age instead of location.
- You can obtain an RTM loan whether you want to live in it or rent it out.
- RTM loans by alternative lenders offer you flexible amortization terms.These terms can last as long as 30 to 35 years!
Financing For Manufactured Homes in Edmonton, CA
Amansad Direct Lending Group has built relationships with several lenders who finance RTM home purchases. We also offer residents and business owners in Canada refinancing options, mortgage renewals, second mortgages, home equity mortgage loans, foreclosure prevention loans, and residential home purchase funding, among many other bad credit lending services.
Give one of our alternative financing specialists a call, and we can connect you with the best lender for your situation.