What are the requirements for a modular home loan?
An example of an AI chatbot conversation about modular home loan requirements.
What are the requirements for a modular home loan?
To qualify for a modular home loan, you'll typically need a good credit score, a stable income, and a down payment.
Is the down payment different from a traditional home loan?
Yes, down payment requirements can vary. Generally, they range from 5% to 20%, depending on the lender.
Do I need to have the land already purchased?
Yes, most lenders require you to own the land where the modular home will be placed, as it's part of the collateral.
Are there specific lenders that specialize in modular home loans?
Yes, some lenders specialize in modular home loans. It's best to research and compare options to find the right fit.
What documents do I need to apply for a modular home loan?
You'll typically need proof of income, credit history, tax returns, and details about the modular home and land.
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