The West’s Leader in Affordable
Housing since 1968
Delivering Golden West and Marlette Homes
North to Alaska, South to San Diego and East to Montana
ALBANY, OREGON DISPLAY CENTER, I-5 Exit 228 / Hwy. 34 Jct. 877-601-8844
BEND, OREGON DISPLAY CENTER, 1/2 Mile South of WalMart on Hwy. 97 S. 866-631-8844
KLAMATH FALLS, OREGON, 2645 Anderson Avenue 877-882-8844
27.jpg)
Financing Your Land and Home in One
Package
In the event that you do not have
land equity, it is still possible to finance the newly acquired
land and home together in one loan.
This type of loan is very similar
to a land equity loan. There are many different programs
available including a “1% down FHA program”.
For those that are selling a
current residence and using a large down payment, we have the
“Equity Builder 15-Year Mortgage” that offers the
lowest rates available on the market. With this type of loan
you can finance the land purchase, home, site improvements and
in many cases even closing costs can be included in the loan.
Our Senior Loan Processor, Linda Baldwin.
The Marlette Woodsman.
Financing Your Home with Land as Down
Payment
Financing Your Home
If you currently own the land on
which your home will be placed you may be able to use the value
of the land, instead of using cash as a down payment. Even if
you do not own the land outright, (i.e., you still are making
payments on it) it is often possible to use your equity instead
of a cash down payment. Land equity loans typically have lower
interest rates than home-only loans. Another advantage is that
site improvements such as well, septic, garage, fences, decks.
etc., can be financed in the loan amount. In some cases, you
can also finance the closing costs.
Financing your new home purchase
is an integral part of your transaction. Inter-City Housing has
teamed up with Western Mortgage Company to offer manufactured
home financing exclusively for Inter-City customers.
Though financing of your new home
might seem like a simple issue, it has the potential to be very
tedious and even a frustrating process.
The information on this page will
help explain the process and give you some information on our
finance program.
Golden West GE 401F.
Family room in Golden Estate.
Financing Your Home with Special Loan
Packages
Western Mortgage aggressively
seeks out special programs so that we can offer our customers
the most innovative financing options in the market. We are
affiliated with sources that offer FHA (low down payment
options). VA loans that offer low interest and lenient
underwriting guidelines. We also frequently have manufacturer
sponsored financing incentives and rebates. Call us to find out
what special loan programs are currently in effect.
Marlette First Edition 9737.
Financing Your “Home Only”
Chattel Loan
This type of loan is used when the
home is going to be placed in a manufactured housing land/lease
community, mobile home park, or on private property where the
land will not be used for collateral (for example if a hardship
permit has been issued.)
The primary advantage of a
home-only loan is that it can be done very quickly, commonly
less than a week. Home-only loans are available with as little
as $499 down (O.A.C.). These are also the only type of loans
available for homes being placed on lease/rented property.
Terms as long as 30 years and as short as five years are
available. Interest rates are typically fixed, although
variable rate and step rate loans can be secured upon request.
The main drawback of a home-only
loan is that interest rates tend to be significantly higher
than traditional real estate mortgages. Also, site
improvements, such as well and septic tank, cannot usually be
financed. Park packages such as carports and decks can be
financed is they are required in a rental community.
Inter-City’s Golden West and
Marlette Homes offer comfortable family living.
Western Mortgage booth at the Northwest
Home Show held in Salem, Oregon.