Q:

What type of property can a person purchase with a manufactured home loan?

A:

Quick Answer

A person can use a manufactured home loan to purchase a manufactured home, land developed for the home, or the home and lot together, states the U.S. Department of Housing and Urban Development. Loan uses include single or multi-sectioned homes on leased, private or park land, states 21st Mortgage Corporation.

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Full Answer

Generally, loans are made regardless of the manufactured home's age, according to 21st Mortgage Corporation. As of March 2015, the fixed rate for manufactured home loans begins at 6.99 percent, with a 5 percent down payment and a $20,000 minimum loan.

A manufactured home loan typically has a fixed interest rate and a 20-year term, according to the U.S. Department of Housing and Urban Development.

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