Process > Financing
Cost and financing are two crucial elements of the newly manufactured home conversation. Sequoia itemizes all related costs and provides financing options. Our customers are park residents or owners of a parcel of land, and each one faces different challenges and opportunities.
Customers residing in land-owned manufactured home parks usually replace their mobile homes after at least 20 to 30 years. Older mobile homes become energy inefficient, need costly repairs, or are just outdated. We start by questioning if this will be a remodel or replacement of the existing house. Mobile homes built before 1976 have dangerous aluminum wiring, limited insulation, questionable structural engineering, and inferior building materials, making them nearly impossible to finance.
Because of these potentially dangerous conditions, remodeling rarely increases the home value to match the costs. In contrast, HUD code-mandated design, construction, and installation standards assure quality, durability, safety, and affordability. Better yet, HUD-code homes can be financed. For example, replacing an old mobile home with a HUD-code manufactured home adds value to the property, often exceeding the new house’s cost. Park residents can select from various financing programs and options from national and regional mortgage lenders. Sequoia promises to introduce you to the best financial fit for your situation.
Residential landowners will save considerably when comparing a manufactured home to a contractor-built home. In contrast to the regular site-built option, factory efficiency typically results in 20% to 30% savings. In addition, your manufactured home will be permitted as real estate at or near the appraised value of stick-built homes.
Finally, Sequoia can introduce you to lenders familiar with manufactured home financing.
Fannie Mae’s MH Advantage program is a mortgage loan for manufactured homes designed to match site-built single-family dwellings. MH Advantage helps buyers finance manufactured housing with as little as 3% down and traditional 30-year fixed-rate terms. MH Advantage loans are available through lenders that partner with Fannie Mae.
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