Financing Options & Availability

Financing for some can be intimidating and cumbersome.

At Paramount we not only have the manufactured home loan available to finance your new home, we will walk you through the process and assist you as needed, every step of the way.

Let us get you Pre-Qualified.

Ask us about getting you pre-qualified for the home loan to fit your needs. This is a great first step in determining your budget and fives you a great guide as to how much home you can afford. It makes your selection of the home, style, size and amenities so much easier.

Types of Loans-

There are many types of manufactured home loans available today to fit your particular situation. We will guide you through the process and help you select the loan that is right for you.

CHATTEL LOANS ~ A chattel loan is the more common type of loan normally used when you are purchasing a home to be placed in a manufacutred home community or homes that are not placed on a permanent foundation. These are considered, “personal property” loans and are the most commonly used manufactured home loans. The term of these loans normally range between 15 and 25 years depending on the overall costs and the buyers credit worthiness. Down payment requirements normally range between 10% and 20%.

LAND & HOME FINANCING PACKAGES~ Should you currently own property or desire to place your new home on private land, we can help you secure financing that will provide financing for the land, home, site improvements and permits and fees, all in one loan.

CONVENTION LOANS ~ Conventional loans, normally require a 20% down payment and have a term of 30 years. When you purchase your new home and it goes on your private lot, it must be placed on a permanent foundation to secure this type of loan. We have lenders available who will get you pre-qualified and guide you through the conventional loan process.

FHA & VA LOANS ~ An FHA loan is a government backed loan, thus the lender’s underwiriting guidelines are a little more flexible than the underwriting guidelines for a conventional loan. These homes too have to be placed on a permanent foundation to meet the FHA guidelines and qualify for 30 year financing. Down payments on FHA loans can be as low as 3 1/2 % which allows many home buyers on a budget an excellent opportunity to enjoy home ownership. VA loans in many cases require zero down payment. The lenders we work with can help you turn your dream of home ownership into a reality using FHA or VA financing.

CONSTRUCTION LOANS ~ When you are purchasing land or improving your currently owned property, there will be upfront permit fees, and construction costs that will need to be paid prior to the close of your home mortgage. Often times you do not have the cash on hand to pay for these upfront costs, therefore our lenders have designed home loans that give you the ability to pre-fund the costs of these fees, construction costs, and even the purchase of your land, through the use of a “construction loan”. These loans are packaged as part of your 30 year conventional FHA or VA loan. Ask our representatives how a construction loan can work for you, should you be placing your new home on private property.

NO NEED TO FEAR THE LOAN PROCESS ~ We will help guide you through the entire home loan process and secure the loan that is right for you. Feel free to ask our trained professionals for more information regarding each type of loan and the financing available for your new manufactured home.