Your Financing Options
Most people will require some sort of financing when they are purchasing a new home. GCH understands that getting financing for a home is often the largest obstacle for home buyers, and quite honestly, the largest obstacle for us as a seller of factory built homes. With this in mind, GCH has teamed up with a handful of lenders who understand our product, market, and most importantly our customers. The team at GCH are experts in financing and in many cases can get individuals financed that may have been previously turned down.Fortunately, in today's market there are many options available for factory built home buyers with both good and challenged credit. Most of the loan programs that are available for traditional stick built housing are also available for factory built homes.
GCH and the lenders we have teamed up with offer financing for both mobile and modular homes. For both home only financing with no land involved in the transaction and land / home financing where the land purchase or payoff is financed in the same payment as the home. GCH has a professional sales staff that can assist you in finding the best home financing option available for you and your individual situation. Feel free to call, visit us, or reach out on our Facebook page with any questions you may have. GCH has access to a unique financing program for our customers who have a credit score of 575-599. We have a number of homes that qualify for this program. The home buyer must have at least 10% down cash, trade, or land equity (or combination of ) and have verifiable income. For a credit score of 600 only 5% down is required.
For some time now local, state, and the Federal Government have realized the positive impact of home ownership in both the community and with the national economy. To encourage home ownership for individuals and families who may not ordinarily qualify for a conventional loan, the government has established three main loan programs that can help consumers purchase Factory Built Homes. On all these loans the borrower pays an up front mortgage insurance premium, which is financeable. FHA and USDA loans also charge a small monthly insurance premium as well to cover the cost of insuring the loan.
The three main government insured loans are as follows:
FHA loans have been helping people become homeowners since 1934 and is the largest insurer of government loans. How do they do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.
- Low down payments
- Low closing costs
- Easy credit qualifying
FHA might be just what you need to purchase your next home. Your down payment can be as low as 3.5% of the purchase price. This can be cash, trade, or land equity. GCH can also pay for all or most of the buyer’s closing cost as well, which allows our customers to keep more of their money in their pocket. Of all the government insured loans available, FHA is usually the easiest with credit qualifying.
VA insured loans are a benefit for qualified Veterans of the United States Armed Services allowing them to purchase a Factory Built Home for as little as $500 down with no monthly mortgage insurance premiums. VA allows a seller such as GCH to pay for all the borrowers closing cost as well. GCH appreciates all that our Veterans have done for us and will donate $200 toward the Wounded Warrior Project for every veteran who purchases a home from us.
USDA RURAL DEVELOPMENT LOANS
This program assists approved lenders in providing low and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area. The program provides a 90% loan note guarantee to approved lenders in order to reduce the risk of extending 100% loans to eligible rural homebuyers. Borrowers are able to purchase a New Jacobsen Modular Home and Land Package with as little as $500 down.Who may apply for this program? Applicants must: Meet income-eligibility. Agree to personally occupy the dwelling as their primary residence. Be a U.S. Citizen, U.S. non-citizen national or Qualified Alien. Have the legal capacity to incur the loan obligation. Have not been suspended or debarred from participation in federal programs. Demonstrate the willingness to meet credit obligations in a timely manner. Purchase a property that meets all program criteria. Why does USDA Rural Development do this? This program helps lenders work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.
These are the lenders we are currently using and what types of loans the specialize in.
21st Mortgage Corporation is a full service lender specializing in manufactured home loans. We originate and service a variety of loans to borrow from manufacturd home retailers, mortgage brokers and directly to consumers all over the USA.
Toll Free: (800) 955.0021
Country Place Mortgage was founded in 1995. We are a full service mortgage lender specializing in construction lending for manufactured and modular housing. Our loan products include FHA, Conventional, USDA, and VA.”
Contact: Ed Dunn Loan Officer
Work: 904.671.9571 / Cell: 904.828.9379
Triad Financial Services, Inc. is one of the oldest and most trusted lenders in the manufactured home industry with over 50 years of lending experience.
Contact: Triad Financial Services, Inc.
Toll Free: (800) 522.2013
Cascade Financial Services & Cascade Land Home Financing While most mortgage lenders focus their marketing efforts on Realtors or originating refinances on site-built homes, Cascade Financial Services is dedicated 100% to providing finance options for Manufactured Housing. They have developed their own loan products tailored to the specific needs of Manufactured Home retailers and their clients who are purchasing the home.
Contact: Jason Thompson Loan Officer