Financing Options For Manufactured Homes in New Mexico, Texas, and Oklahoma
In addition to building the best house on the market, Solitaire Homes can assist you in applying for financing to purchase your new manufactured home. Simply put, we want your business and we work hard to offer manufactured homes financing options that fit your family's financial needs. We are here to make the buying process as low-stress as possible!
Download Finance Application
Preparing Your Financing Application
To help streamline your home loan process, download our Financing Application and complete it before visiting your local Solitaire Homes sales center. Bringing everything with you when you come will make sure that the process is as swift and easy as possible. Here's a checklist of everything you'll need to bring along with the original printed Financing Application:
- Copy of the state Driver's License for each applicant.
- Copy of the Social Security Card for each applicant.
- Payroll stubs for the last 30 days for each applicant.
- Tax returns for the last two years for each applicant.
- Bank statements for the last two months for each applicant.
Types of Financing For Manufactured Homes
- Chattel Financing - This loan is a simple home-only purchase that doesn't encumber the land. Depending on your credit score, your manufactured home down payments will range from 5% - 20% of the purchase price.
- Your Bank - This option allows you to work with your local bank and secure your funds. Your local Solitaire Homes dealer is more than happy to work with your local banker.
- Land in Lieu Financing - Use your land as your down payment on your new home. Many customers choose this option in lieu of investing cash as a down payment. With this option, your land acts as collateral for the mortgage. Appraised values of the land do have a bearing on the down payment.
- FHA Mortgages - Solitaire Homes has the ability to assist you in securing a FHA mortgage for your new manufactured home.
- Cash - Some buyers may choose to purchase their manufactured home outright and pay cash.
Qualifying For Financing
A lender will assess the credit profile of applicants. Credit scores and credit histories for all borrowers will play a part in the assessment.
Borrowers will need to provide detailed proof of regular and predictable income. Employed borrowers will be required to provide W-2's and check stubs. Self-employed borrowers generally need to be prepared to provide two full years of tax statements. In some circumstances bank statements may be needed as well to document income.
Lenders will typically evaluate the debt to income ratios of a borrower. The objective will be to establish how the new obligation will fit with current obligations. This is done to insure that the payment is suitable for all parties.
Programs For All Situations
We pride ourselves on placing customers into the home of their dreams, whether you are looking for Single Wide Floorplans or Double Wide Floorplans. We realize that every credit situation is unique. We strive to offer a program that will fit your family's financial wants and needs. Now is the time to start the process of manufactured home ownership. Contact your local Solitaire Homes location to discuss what manufactured home financing options might best fit your needs.
The Home Loan Process
Home Only Financing
At Solitaire, once you've contracted for the purchase of a home you'll need to decide what type of financing is right for you, then apply for financing if necessary. You can download our financing application at the top of this page and provide it along with all necessary documents to your Solitaire Homes sales center. The completed credit application, together with a copy of the Purchase Agreement or Buyer's Order, is sent to the lender for processing. Once approved, details such as interest rate, terms, and stipulations required to complete the borrowing transaction will be provided.