How to finance a manufactured home with a Title 1 loan
Posted on September 21, 2022 by Brooke Jones
With home prices skyrocketing, many people are looking for an affordable path to home ownership. If you're interested in purchasing a home but don't want to deal with the stress of a mortgage or the added expense of HOA fees, financing a manufactured home is an excellent alternative. Garber Communities has all the information you need to start the process of owning your own affordable manufactured home in Florida.
What is a Title 1 loan?
A Title 1 home loan is a type of loan that can be used to purchase or refinance a manufactured home. Manufactured home loans have lower limits than other loans used to purchase property. With a Title 1 loan, you’re not required to purchase the land that the home is placed on, meaning you can use the funds to purchase or make repairs to a manufactured home while leasing the land it sits on, if necessary.
What are the requirements for a Title 1 manufactured home loan?
Just like any loan, there are some requirements that need to be met. Some of the requirements to qualify for a Title 1 loan are standard, like providing proof of income and meeting a certain credit score. Other requirements are specific to the process of obtaining a loan for a manufactured home.
Specific requirements can include:
- The manufactured home must be your primary place of residence.
- If you’re planning on using the loan for repairs, you can purchase specific appliances but not furniture.
How to apply for a Title 1 loan
When you’re ready to take the next step and apply for a loan, it’s always best to get quotes from multiple lenders. Some lenders have more competitive rates or will change their offer based on your credit score. There are even first-time homebuyer programs to help offset costs for qualified applicants. Once you find the right lender, you’ll be asked to provide income and asset documentation to begin the financing process.
At Garber Communities, we know the homebuying process can be complicated. We’re here for you every step of the way with expert advice to help you get into the manufactured home of your dreams. Whether you’re looking for an all-ages community like A Better Place in DeLand or an exclusive, 55+ community like Orchid Lake in New Port Richey, Garber Communities would love to have you.
To learn more about our communities and affordable manufactured homes or to take a tour, call 407-949-8629 or click here.General