Great News! Home buyers looking to purchase a manufactured home can now do so using the USDA Rural Development program. That means buyers can take advantage of zero down financing and low mortgage insurance rates when the purchase a manufactured home. This is huge for the more rural communities in Michigan were there are many of manufactured homes. Previously the lowest down payment options was FHA requiring 3.5% down. Now these same homes can be fianced with zero down.
Here are some requirements when using a USDA home loan for an existing manufactured home:
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Since COVID hit, the housing market has been crazy! With housing in high demand, the competition is getting tough out there. Buyers are looking for alternative ways to buy a home and many have turned to renovation financing. In fact, our renovation volume has tripled so far in 2021. There are a number of reasons for this, but essentially, home renovation loans offer a number of advantages for want-to-be home buyers.
Here are some of the reasons more and more buyers are utilizing these loan programs: