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We are pledged to the letter and spirit of U.S. policy  for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, or national origin.
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Manufactured home financing
The largest purchase you'll make in your lifetime is likely to be a home. Manufactured homes are a great solution to the problem of affordable housing. Nowadays, financing your manufactured or modular home is easy. You may be surprised to see the variety of loan options available. Your retailer can help arrange financing for your new home, or if you prefer, you may contact a lender of your choice.
Whether you are purchasing a new or pre-owned home, there are financing options that will suit your needs. Similar to site-built homes, terms for the loan of your manufactured home will vary. Most lenders require a minimum down payment of five to 10 percent and terms, which vary by lender, range from 15 to 30 years.
If you are purchasing your home separate from land, then you are eligible for a personal property loan. The home itself is used as collateral for the loan. To qualify, the borrower must meet the lender's underwriting requirements. This is popular when a manufactured home is placed in a land-lease community.
If you are purchasing your home and land together as a single real estate transaction, then a real estate mortgage loan is right for you. In some cases, you may finance your manufactured home and land with a lender who offers traditional mortgage financing. Fannie Mae and Freddie Mac, the primary and secondary market sources for mortgage loans in the U.S., encourage this trend through their guidelines for accepting real estate mortgage loans secured by manufactured homes.
These are just a few of the loan options available for manufactured and modular homebuyers. Your retailer or lender will discuss all the options and help you decide which loan is best for you. To find a lender, visit www.michhome.org, click "Search our members" then click "Lenders." To narrow the results, select a county from the drop down menu or enter a zip code.
Manufactured homes are not only affordable, they also represent a good investment. By financing your manufactured home, you may be allowed to take a tax deduction for your interest cost.
For more information about manufactured and modular housing, visit www.michhome.org, call 800.551.1315 or contact MMHA, 2222 Association Drive, Okemos, MI 48864-5978; 517.349.3300.
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