I am considering buying a modular home in Missouri. I know there are extra costs besides the home…was wanting to know where to go for a loan, how much I need down, what is needed (like home insurance and how much that costs)…Any information would be great because my boyfriend and I are very young and first time buyers…so we need a good starting point. We are going to the dealer, but would like to know about financing options.
What is involved in obtaining loans for Modular homes?
11
May
Janet P
May 11, 2010 at 9:07 pm
You should probably ask that dealer, as they are not really real estate and not handled as such. They are more like cars, including registration (you register the house with DMV) and they depreciate, which houses do not. You do not get a home loan on them, they have their own special one.