Manufactured homes, also known as mobile homes, are a great option for people who are looking for an affordable and comfortable place to live. Manufactured homes are built in a factory and then transported to the site where they will be placed. They are typically less expensive than traditional stick-built homes, and they can be purchased new or used. Currently in 2023, median home price is 307k. A brand new 3bd manfuactured homes in Hillcrest Estates in Altoona and Villa Diann in Eau Claire is about 95k. 

There are several advantages to buying a manufactured home over renting an apartment or buying a traditional home. First, manufactured homes are less expensive. Second, manufactured homes are often located in communities that offer amenities such as swimming pools, clubhouses, and playgrounds. Third, manufactured homes are relatively easy to maintain. This is especially true if you buy brand new mobile homes which are built very well and have warranty.

If you are considering buying a manufactured home, there are a few things you need to do to get ready.

Improve your credit score

Lenders will typically require a credit score of at least 600 to approve a loan for a manufactured home. If your credit score is lower than 600, you should definitely improve it. Even if your score is above 600, having better score will get you better rates and more option. Here are a few things you can do to improve your score:

• Pay your bills on time and in full. Lenders want to see that you are financially responsible and you will pay the loan payments.
• Keep your credit utilization ratio low (keep your credit card balances low). Don't make big purchases with your credit card.
• Avoid opening new credit accounts (ie buying a new car). Co-signing for someone else is a big no-no.
• Pay down any outstanding debt. 

Save for a down payment

Most lenders will require a down payment of at least 5% to 20% of the price of the manufactured home. When we sell our homes in Eau Claire County, we see people using the folloiwng for down payment. 

• Checking or savings account
• Retirement account. Different retirement accounts have different rules. 
• Tax refund - Many people file taxes early when they expect returns so that they can be ready in spring to be a homeowner
• Loans from friends and family
• Gift from friends and family. Often people help their relatives settle into a manufactured home and greatly improving their lives and adds stability.
• Settlements from divorce or lawsuit
• Selling exisitng home - we see this often when people are downsizing

Maintain stable employment and income

Lenders want to see that you have a stable income and that you will be able to afford the monthly payments on your manufactured home loan.

Avoid switching jobs unless it will boost your income. If you have to swich jobs, make sure to reduce the gap between employment and stay within the same industry. 

If you are a business owner or self-employed, show your income in your tax return.

You can work with our lenders

Over the years of selling manufactured homes in Altoona and Eau Claire, we have contacted almost all credit unions and banks in the area. 

We already have a list of lenders who would lend on mobile homes. If you find a home in our community that you like, contact us and we will work with you on the next steps.