By now you have probably found the place you were looking for and have begun to wonder if you could ever get the manufactured home financed. Well, rest easy because Northview Bank has a long history of financing mobile homes. We even make loans on single wides.
Our lending philosophy on all properties is simply finding a way in which it makes sense for both the customer and the bank. Manufactured homes are often found dotting the shores of lakes in Minnesota and Wisconsin. Whether a single wide or a double wide they are often the perfect fit for people whether for seasonal use or a primary residence.
Because mobile homes vary so much in their condition, use, and placement (strapped to concrete, set on blocks, over a crawl space, etc.) we do not have a one-size fits all approach to lending on manufactured homes. When we make an in-house loan we take in to consideration the age/condition of the home, the value of the structure in relation to the land, and the borrower’s credit worthiness and ability to pay. All of these conditions will affect the rate, term, and down payment that is required.
Many people want the security of a long term fixed interest rate and we are constantly asked if mobile homes are able to qualify for government-secured (secondary market loans). The answer is, “It depends.” It depends on the structure, the long term use of the manufactured home, and the buyer. To find out if the property you are interested in qualifies for a conforming loan click here to fill out an application and then get us the MLS sheet on the property.
Vacation property financing is what we do at Northview Bank. Often people want to secure the land and then purchase a new manufactured home to avoid the hassle of building. We can help with that also. Simply click on the prequalify button and start moving closer to your dream right away.