Financing Options for New or Used Manufactured Homes with Land in Florida

by | Nov 7, 2024 | Loan Programs and Options, Mobile Home Financing & Ownership | 0 comments

New or Used Home Plus Land: Flexible Financing Options for Manufactured Homes in Florida

Looking to finance a new or used manufactured home with land in Florida? Owning a manufactured home on its own piece of land can provide affordability and stability, making it a popular choice across the state. At Atlantic Mortgage & Finance Corporation, we offer a range of financing options to make this dream a reality. Our flexible loan terms, competitive rates, and simplified qualifications make it easy to finance both the home and land. Here’s a breakdown of the loan programs available for manufactured home financing in Florida.

Loan Options for New or Used Manufactured Homes with Land in Florida

We know every buyer has unique needs, so we offer a variety of loan options to suit different financial backgrounds. Here are some of the main loan programs available:

FHA Loans

  • Best for: First-time buyers or those with moderate credit scores.
  • FHA loans, insured by the Federal Housing Administration, are designed to make homeownership accessible with low down payments, often as low as 3.5%. This flexibility allows more buyers to qualify, even with less-than-perfect credit. FHA loans can be used for both new and used manufactured homes with land, making them an ideal choice for many Florida homebuyers.

VA Loans

  • Best for: Veterans, active-duty service members, and eligible surviving spouses.
  • VA loans, backed by the Department of Veterans Affairs, offer zero down payment options for eligible buyers. These loans come with no private mortgage insurance (PMI) requirement, which can significantly reduce monthly payments. Available only for primary residences, VA loans are an excellent option for Florida veterans looking to finance a manufactured home with land.

USDA Loans

  • Best for: Buyers in eligible rural areas across Florida.
  • USDA loans are tailored to buyers looking for homes in designated rural areas, making them a great option for those purchasing manufactured homes in more rural parts of Florida. These loans offer 100% financing, allowing buyers to secure a home with no down payment. Additionally, USDA loans come with competitive interest rates, making homeownership affordable in areas throughout Florida.

Conventional Loans

  • Best for: Buyers with strong credit and a larger down payment saved.
  • Conventional loans are often favored by those with good credit and a down payment ready. These loans offer flexibility with competitive interest rates and can be used to finance both new and used manufactured homes with land. They are especially advantageous for buyers who can meet standard loan criteria and prefer a conventional financing option.

Portfolio Loans

  • Best for: Unique or non-traditional properties.
  • Portfolio loans are loans that the lender holds in their own portfolio, giving them more flexibility in their qualification requirements. This flexibility can be useful for financing manufactured homes or land that may not meet the more traditional loan criteria. Portfolio loans allow for creative solutions and are ideal for buyers with unique property needs.

Non-QM Loans

  • Best for: Buyers with non-traditional income sources or credit profiles.
  • Non-Qualified Mortgage (Non-QM) loans are designed for borrowers who may not fit into the conventional or FHA/VA loan requirements. These loans are ideal for self-employed individuals, investors, or buyers with alternative income sources. Non-QM loans offer flexible qualification terms, making them a great option for those who need non-traditional financing.

Benefits of Financing a Manufactured Home with Land in Florida

Purchasing a manufactured home with land has a number of advantages, especially when you finance both the home and land together:

  • Lower Down Payments: Many of our loan options, like FHA, VA, and USDA, offer low or even no down payment options, making homeownership more accessible.
  • Competitive Interest Rates: Our range of loan programs provides competitive interest rates, helping you save over the life of your loan.
  • Simplified Process: With one loan covering both the home and land, you have a single monthly payment, simplifying the financing process.
  • Flexible Terms: Choose from various loan terms to fit your budget and goals, including options that cater to Florida’s housing market.
  • Equity Building: Financing the home and land together allows you to build equity in both, adding long-term value to your investment.

Special Considerations for Manufactured Homes in Florida

Florida’s unique climate and weather patterns make it important to select manufactured homes that meet specific building standards. Homes built to withstand hurricanes or equipped with energy-efficient features can often qualify for financing. We work with buyers to ensure that their homes and land meet all relevant requirements for a smooth financing process.

How to Get Started

Financing a new or used manufactured home with land in Florida is easy with our streamlined process. Here’s how to get started:

  • Contact Us: Reach out to our team to discuss your goals and learn about the loan options that fit your needs.
  • Apply Online: Fill out our secure online application to start the process and get pre-approved.
  • Receive Your Pre-Approval: With pre-approval in hand, you’ll be ready to find the perfect manufactured home and land in Florida.

Ready to Buy a Manufactured Home with Land in Florida?

Whether you’re looking for a new manufactured home or a previously owned property in Florida, Atlantic Mortgage & Finance Corporation is here to help you make it happen with affordable and flexible financing. Contact us today to learn more about your options, or start your application now and take the first step toward owning your manufactured home with land in Florida!

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