Financing

Home Ownership

A manufactured home makes good economic sense. You can deduct the cost of your mortgage loan from your income taxes. And interest will comprise nearly all of your monthly payment for over half the number of years you'll be paying on your mortgage.

Today's manufactured home is an investment in your future. Manufactured homes give millions of Americans the opportunity to build the investment and tax advantages that only comes with owning your own home.

The great American dream of home ownership still lives and whether your home is located in a Manufactured Home Community or if you own private property, today's manufactured homes can make the American dream a reality for you and your family.

Manufactured Home Community

Placing a Home in a Manufactured Home Community

Whether you are buying a manufactured home and placing it on your own land or in a manufactured home community, your loan and purchase may be subject to other variable costs. Included in these costs would be processing fees, appraisal fees, titles, etc. Each lender will provide you with an itemized list of fees. Also, lenders may offer optional bi-weekly payment schedules and adjustable-rate loans.

Aside from these additional costs, please use the example below to learn how you too might compute the cost of a home placed within a manufactured home community. Note that what follows is an example only, and that the purchase of your own manufactured home within a manufactured home community may include other costs not foreseeable within this example:

STEP 1: Example

Interest Rate: 9.5%
Loan Duration: 25 Years

1)	$25,470.00	Sample selling price (Incl. Delivery/Setup)
2)	$2.547.00	10% down payment
3)	$22,923.00	Amount financed (line 2 - line 1)
4)	$200.35	Monthly Payment (line 3 & table 1)
5)	$100.00	Sample Monthly Community Site Rental
6)	$300.00	Total Monthly Payment (line 4 + line 5)

STEP 2:
See Personal Loans table in bottom section.

STEP 3: How to compute your monthly payment.

Loan Duration: 25 Years

1)	$22,923.00	Amount to be financed (line 3, step 1)
2)	$22.93	Divide Line 1 by 1,000
3)	8.74	Payment Factor (table 1)
4)	$200.41	Approx. Per Month. (line 2 x line 3)

Your Own Property

Placing a Home on Your Personal Property

Whether you are buying a manufactured home and placing it on your own land or in a manufactured home community, your loan and purchase may be subject to other variable costs. Included in these costs would be processing fees, appraisal fees, titles, etc. Each lender will provide you with an itemized list of fees. Also, lenders may offer optional bi-weekly payment schedules and adjustable-rate loans.

Aside from these additional costs, please use the example below to learn how you too might compute the cost of buying a manufactured home and placing it on your own personal property. It is important to note that placing a home on your property may offer significant advantages with regards to interest rates and loan periods. You should consult your financial institution for more details.

Note that what follows is an example only, and that the purchase of your own manufactured home may include other costs not foreseeable within this example:

STEP 1: Example

Interest Rate: 7.875
Loan Duration: 30 Years

1)	$74,000.00	Sample selling price
2)	$10,000.00	Sample land price
3)	$6,500.00	Sample foundation/basement
4)	$2,800.00	Sample water/well
5)	$2,000.00	Sample septic/sewer
6)	$1,000.00	Sample plumbing, heading, electricity
7)	$2,000.00	Sample site grading - drives & walks
8)	$1,000.00	Sample miscellaneous costs
9)	$100,000.00	Total of all costs (add lines 1 through 8)
10)	$10,000.00	10% down payment
11)	$90,000.00	Amount to be financed (line 10 from 9)
12)	$652.50	Monthly payment (Use line 11 & table 1)

STEP 2:
See Personal Loan Payments in bottom section.

STEP 3: Computing Your Monthly Payment

Loan Duration: 30 Years

1)	$90,000.00	Amount to be financed (line 11, step 1)
2)	$90.00	Divide Line 1 by 1,000
3)	7.25	Payment Factor (table 1)
4)	$652.50	Approx. Monthly Payment (line 2 x line 3)

Personal Loan Payments

Find your payment factor by locating the point at which your Percentage Rate and Loan Duration intersect.

Table 1 - Monthly Principal and Interest Payment Factor (Fixed Rate)

Percentage Rate	10 yrs.	15 yrs.	20 yrs.	25 yrs.	30 yrs.
7.875%	12.07	9.49	8.29	7.64	7.25
8.5%	12.40	9.85	8.68	8.05	7.69
8.75%	12.53	9.99	8.84	8.22	7.87
9%	12.67	10.15	9.00	8.40	8.05
9.25%	12.81	10.30	9.16	8.57	8.23
9.5%	12.94	10.45	9.33	8.74	8.41
9.75%	13.08	10.60	9.49	8.92	8.60
10%	13.22	10.75	9.66	9.09	8.78
10.25%	13.36	10.90	9.82	9.27	8.97
10.5%	13.50	11.06	9.99	9.45	9.15
10.75%	13.64	11.21	10.16	9.63	9.34
11%	13.78	11.37	10.33	9.81	9.53
11.25%	13.92	11.53	10.50	9.99	9.72
11.5%	14.06	11.69	10.57	10.17	9.91
11.75%	14.21	11.85	10.84	10.35	10.10

Financing

Home Ownership

Building Business. Building Community.