Home Purchase FAQs
How much house can I afford?
What type of loan will be best for me?
What will my closing costs be?
Will I be charged points?
What items must be prepaid?
How long will I be guaranteed the quoted interest rate?
How long will the approval take?
Does the loan have a prepayment penalty?

Finance FAQs
What criteria do lenders use when approving a loan?
What is the typical down payment when financing a manufactured home?
How would bankruptcy, a bad credit rating, or not having a steady job affect my chance of qualifying for manufactured home financing?
Can I have my payment automatically withdrawn from my bank account?
How much documentation will I need to supply to verify the information I provided on my application?
How can a shorter term save me money on a Fixed-Rate Mortgage?
What is Private Mortgage Insurance (PMI) and do I need it?
Do I need to get an appraisal?
What is homeowner's insurance?

Home Purchase FAQs
How much house can I afford?
This depends on two things: your comfort level and the lender's approval. If you're young and upwardly mobile you may feel comfortable stretching to afford a bigger home, knowing that eventually your increasing income will make the payments easier as time goes by. But if you're older or retiring soon, you may want a lower mortgage payment that won't require as much of your income. The lender, on the other hand, will be looking at your credit rating, your income and other factors to determine how large a mortgage you can support.

What type of loan will be best for me?
There are fixed rate loans and adjustable rate loans, please refer to adjustable rate loans to see if that meets your needs.

What will my closing costs be?
That will depend on the lender you decide to go with.

Will I be charged points?
Sometimes a loan is only available if you pay points, it depends on the lender you decide to go with and what is available for your situation.

What items must be prepaid?
Your will be notified as soon as you decide which loan you are accepting. Such items as property taxes  must be paid in advance.

How long will I be guaranteed the quoted interest rate?
This is called locking in a rate. Each lender has a different time frame.

How long will the approval take?
With a complete package you can have an answer in as little as a day or two.

Does the loan have a prepayment penalty?
Our loans do not have a pre payment penalty.

 

Finance FAQs

What criteria do lenders use when approving a loan?

With all loans whether you are financing or refinancing your manufactured home we look at three criteria: Capacity (can you afford it), Credit (do you pay your bills on time) and Collateral (your homes value).

What is the typical down payment when financing a manufactured home?

Depending on your credit, job and income history, a typical down payment for manufactured home financing ranges anywhere between 5% to 20%. Naturally, as with site-built homes, the greater the down payment, the lower the monthly mortgage payment.

How would bankruptcy, a bad credit rating, or not having a steady job affect my chance of qualifying for manufactured home financing?

At Advantage Homes, we work with customers on a case-by-case basis.If you have been turned down for a home loan in the past, we can work out a plan where you would qualify for a manufactured home loan, especially if you have a large down payment.

Can I have my payment automatically withdrawn from my bank account?

Yes, this can be set up after your loan has funded and you have made your first payment.

How much documentation will I need to supply to verify the information I provided on my application?

Every situation is different. Once you submit your loan application and have been approved you'll receive a customized list of documents you'll need to provide. Income, down payment and job time verification are required.

How can a shorter term save me money on a Fixed-Rate Mortgage?

By opting for a shorter term, you can save thousands of dollars in interest - not only because you'll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans.

What is Private Mortgage Insurance (PMI) and do I need it?

PMI is not need on any of our loans regardless of LTV.

Do I need to get an appraisal?

Not always. That will depend on the down payment you are putting on the home.

What is homeowner's insurance?

Homeowner's insurance is designed to protect your home. It is also known as hazard insurance, or fire insurance. While the lender requires this coverage, you determine which insurance company will carry the policy. Homeowner's insurance premiums are either paid directly to the insurance agency or financed into your loan.