Bedford mobile home financing

Bedford mobile home financing

G.S. Courtyard Homes specializes in helping you finance through our relationships with many lenders in the industry. We are able to help you finance a home in a park or a complete construction project, including purchasing land, home and foundation with one down payment on the entire project.

FHA, VA, USDA, Fannie Mae and Freddie Mac loans are available with low down payments for qualifying customers. Our home consultants will support you through the financing process.

 

MH Advantage® manufactured home mortgage

MH Advantage Qualified Home Select homes you’ll find at MY COMPANY qualify for MH Advantage, a mortgage loan for qualifying manufactured homes that have features typical of traditional site-built, single-family homes. Compared to other manufactured home loans, MH Advantage offers a lower down payment, traditional 30-year financing, lower interest rates, and cancellable mortgage insurance once you reach 20% equity in your home, which means more savings down the road.

Available through most lenders, MH Advantage works similarly to mortgages for site-built homes—you own both the land and the home, making it possible to build equity over time.

GS Courtyard Homes Financing FAQs

What types of loans finance your homes? What is the payment structure?

Typically, our modular homes are financed with a construction loan, and our manufactured homes will go through Fannie Mae and Freddy Mac loans. These are done through national lenders. We require 10% down to order your home, 80% upon delivery and the final 10% once the project is completed.

Can you give me an estimate of what my monthly mortgage payment will be?

We cannot. There are several factors that determine what your payment will look like. Those being your interest rate, your credit score, the amount of money you will put down, etc. After you apply for a loan and the lender has all of your information, they will be able to provide you with an estimate.

Can I finance my home through a VA or FHA loan?

Most VA and FHA loans will not lend money for construction, they loan for the purchase of an already existing home. If you’re looking to use VA or FHA, the best option is to finance the home with a traditional construction loan and then convert the mortgage into a VA or FHA loan.

Where should I go to get financed?

We recommend anyone looking for financing try using local institutions, opposed to national lenders. The reason for this is local lenders are able to provide you lower closing costs and rates typically, while also providing you better and more personalized service. For local recommendations, we recommend Jackson County Bank and Owen County State Bank in Bedford. We also work with a mortgage company called Hallmark Home Mortgage out of Greenwood. For our manufactured homes we use 21st century and Triad. We will work with other banks if you have your own lender you prefer to work with.

What do I need to get financed?

The bank will require a Purchase Agreement, with the specified amount of money you need for your project. They may require more information about the home, we can provide a Bank Pack with information about all of the homes we build. You can bundle land/home into one loan with the bank. We can also build into the purchase agreement outside work you may need completed on your property: septic, well, garage, porch, etc.