Atkinson Homes knows that financing is especially critical in these economic times. Each customer has different financial needs and expectations. This is why we maintain relationships with numerous financial sources with all the different types of programs they offer.
Below are the different programs that the finance and mortgage companies offer:
Home Only or Chattel – This type of loan is when the customer is purchasing the home by itself without using land. This type of financing typically requires a down payment of the total price of the home.
Banner Program – This type of loan is for customers that have a 575 credit score. Must have the cash down payment that the banks require and cannot use your land as down payment. Must be on a private piece of property and not in a park.
Common Sense Program – This type of loan is for customers that one spouse may have a low credit score and the other spouse has a high credit score. Must have cash down payment required by the finance company.
Equity Program – This program is designed for customers that have a really low credit score and have the cash down payment that the bank requires. You can use both your land and cash on hand for your down payment.
Land-In-Lieu – This type of loan is similar to a Chattel loan only you may use your land in lieu of cash down payment. You may also use a combination of both land and cash for your down payment. When you own your land you can add land improvements as long as the value is there.
FHA Loan – This loan is for the purpose of combining your land that you wish to purchase with the manufactured home that you are buying. The down payment can come from land equity or cash down payment. This is an FHA government backed loan with PMI insurance. This type of loan does require land to be attached to the mortgage and escrows are required.
Conventional Land/Home – The down payment can come from your land equity or cash on hand. This loan does not require permanent foundation or PMI insurance. All land, home and land improvements are financed into the loan. Loan amount is based on the appraisal.
Zero Credit Score Program – Special financing for customers that have no credit score with no derogatory credit. Must have over 2 years on the job and 10% down payment.
CAUTION: Do NOT rely on the results from this calculator to make financial decisions. Interest rates vary and the tax laws change regularly. Please contact us for assistance with your specific concerns.