01Financing
Six ways to pay for it.
Two of them are a mistake.
What a home costs you every month depends far more on how you finance it than on which one you pick. Here is how the two paths differ, and how to work out your own number.
02The six paths
Six paths, plainly.
Rates move with the market, so ask a lender for a current quote. Your number depends on credit, term and how the home is titled.
Conventional
5% downTypical term · 30 yr
Fannie Mae's MH Advantage and Freddie's CHOICEHome both price manufactured homes at or near site-built rates when the home meets the eligibility criteria. Ask us which plans qualify.
Owned land · permanent foundation · real-property title
FHA Title II
3.5% downTypical term · 30 yr
The most forgiving credit profile of any real-property option, and the lowest down payment. Requires an engineer's foundation certification, which is scheduled as part of the setup.
Owned land · permanent foundation · 400+ sq ft
VA
0% downTypical term · 30 yr
No down payment and no mortgage insurance. Fewer lenders write VA on manufactured homes, so the shortlist is short.
Eligible service · owned land · permanent foundation
USDA Rural
0% downTypical term · 30 yr
USDA eligibility is drawn by tract rather than by town, and the map surprises people. Worth ten minutes with it before you assume you don't qualify — note that it applies to land you own, not a leased pad.
Eligible rural parcel · new home only · income limits
Chattel
5% downTypical term · 20–23 yr
The home is collateral, the land is not. Closes in two to three weeks instead of six, which genuinely matters if you are in a lease that ends. Costs roughly two points more for the life of the loan.
Leased pad · personal-property title
Cash / construction
—No loan term
No lender, no appraisal and no rate to compare. Ask us for the deposit schedule in writing before you pay anything.
Any
03Lenders
Lenders our buyers have used.
The Lumbee Homes team is here to help you find the best possible financing available. The following lenders have assisted buyers in the past with financing a prefabricated home.
1st Signature Lending
1st Signature Lending is a full-service construction to permanent mortgage lender located in Indianapolis, IN. Since 2002, our leadership team combined their unique backgrounds and experience to help customers achieve their homeownership goals.
NMLS #27820
Apply Now with 1st Signature Lending (opens in a new tab)
Equal Housing Lender21st Mortgage Corporation
21st Mortgage Corporation is a full service lender specializing in manufactured home loans. 21st Mortgage Corporation originates and services a variety of loans to borrowers from manufactured home retailers, mortgage brokers and directly to consumers all over the USA. Apply for a manufactured home loan today!
NMLS #2280
Apply Now with 21st Mortgage Corporation (opens in a new tab)
Equal Housing LenderautoMHatic Financial
At autoMHatic Financial, we’re driven by our mission of speed, service, and solutions to revolutionize the manufactured housing industry. We offer several chattel financing solutions including community/park, rental conversion, refinancing, and more! Join us as we redefine the standards, empower homeownership dreams, and shape the future of the manufactured housing industry, autoMHatically.
NMLS #2663
Apply Now with autoMHatic Financial (opens in a new tab)
Equal Housing LenderCalCon Mutual Mortgage
Calcon is a residential mortgage lender specializing in a comprehensive range of home financing solutions tailored to the needs of individual buyers. Calcon offers conventional, FHA, VA, and Home Only loans. Calcon assists buyers by evaluating their unique financial profiles, guiding them through the application and approval process, and ensuring compliance with investor and agency guidelines. Through personalized service, competitive rates, and extensive product knowledge, Calcon helps buyers secure the most suitable financing options, making homeownership more accessible and achievable.
NMLS #46375
Apply Now with CalCon Mutual Mortgage (opens in a new tab)
Equal Housing LenderCapital Home Mortgage
Capital Home Mortgage is a full-service South Carolina mortgage lender controlling the loan process from start to finish. We provide quick approvals with our in-house underwriting and approval process and offer great rates on our complete line of home loan products.
NMLS #9729
Apply Now with Capital Home Mortgage (opens in a new tab)
Equal Housing LenderCardinal Financial
Octane is our proprietary loan origination technology we built for our borrowers and loan officers. It’s a robust, industrial-grade platform designed to make doing business with us faster, easier, and more efficient than ever before. Octane is a highly engineered solution that doesn’t just benefit our customers and partners, it powers our business.
NMLS #66247
Apply Now with Cardinal Financial (opens in a new tab)
Equal Housing LenderCascade Financial Services
Cascade Financial Services provides a level of service to the Manufactured Home Retailer and borrower that is simply unequaled in the industry. For a credit only prequalification to determine creditworthiness, likelihood of approval and potential loan programs you may qualify, please click the link below and complete the prequalification form.
NMLS #89599
Apply Now with Cascade Financial Services (opens in a new tab)
Equal Housing LenderCSL Financial
CSL Financial is dedicated to their unique brand of Common Sense Lending. Specializing in lending for the manufactured housing market gives CSL Financial the unique staff, tools, and capabilities to deliver the kind of one-on-one service, attention and compassion both retailers and home buyers deserve.
NMLS #959454
Apply Now with CSL Financial (opens in a new tab)
Equal Housing LenderFusion Home Loans
Fusion Home Loans is committed to delivering a transparent, personalized mortgage experience backed by a team with deep industry expertise and a strong reputation in the market. As part of the Acrisure Mortgage family—a top 20 national lender—we combine the power of a trusted national brand with the care and attention of a local team. Whether you’re buying, refinancing, or exploring your options, we’re here to guide you every step of the way with clarity, confidence, and exceptional service.
NMLS #120494
Apply Now with Fusion Home Loans (opens in a new tab)
Equal Housing LenderPlanet Home
Planet Home Lending is a full-service mortgage expert and true partner for people looking to buy a home or refinance their existing one.
NMLS #17022
Apply Now with Planet Home (opens in a new tab)
Equal Housing LenderPrimis Mortgage
Primis Mortgage is built on the simple question, “why can’t we?” We’re not afraid to challenge the status quo in order to offer our customers exceptional service, competitive prices, and streamlined processing. We leverage the latest technology while relentlessly pursuing customer satisfaction. We’re here to help you. It’s just what we do.
NMLS #1894879
Apply Now with Primis Mortgage (opens in a new tab)
Equal Housing LenderRevolution Mortgage
Whether it’s your first home or your forever home, Revolution Mortgage can help! We offer a wide-range of options for purchase, refinance, investment, and specialty loan programs.
NMLS #224436
Apply Now with Revolution Mortgage (opens in a new tab)
Equal Housing LenderSafe Federal Credit Union
SAFE Federal Credit Union has been helping South Carolinians with their mortgage needs since 1955. Today, more than 140,000 members trust SAFE with their financial endeavors and we’re ready to help you too.
NMLS #419530
Apply Now with Safe Federal Credit Union (opens in a new tab)
Equal Housing LenderSouth State Bank
South State Bank has been serving the manufactured housing market for over 50 years, and were named 2013 and 2014 Lender of the Year by Manufactured Housing Institute of South Carolina. You can count on South State Bank for flexible solutions, great rates and terms, and exceptional service. To apply, please print and complete the downloadable application.
NMLS #401262
Download Application with South State Bank (opens in a new tab)
Equal Housing LenderTriad Financial Services
Triad Financial Services has provided extraordinary service in lending to help home owners reach their dream. Dealers and Realtors alike trust Triad for world class professionalism and finding lowest rates that help their customers and clients get financing. Apply for a manufactured home loan today.
NMLS #1063
Apply Now with Triad Financial Services (opens in a new tab)
Equal Housing LenderUnion Home Mortgage
Your homeownership journey starts here. We’ll help you every step of the way.
NMLS #474274
Apply Now with Union Home Mortgage (opens in a new tab)
Equal Housing LenderUSNet Financial
USNet Financial is committed to delivering its signature approach to Modern Manufactured Home Retailers. With a specialized focus on the manufactured housing market, USNet Financial offers the expertise, tools, and dedicated support needed to provide personalized, one-on-one service. Our team is focused on delivering concierge white-glove service levels for both retail partners and homebuyers.
NMLS #2794136
Apply Now with USNet Financial (opens in a new tab)
Equal Housing Lender
Note: This list does not include every possible lender in your area and inclusion should not be considered a recommendation by Lumbee Homes. We encourage buyers to contact multiple lenders directly to compare rates and other benefits.
04Run it yourself
Move the sliders. Watch the gap.
Put in the price you are working with, then switch between the two loan types with everything else held constant. That difference is the whole argument for buying the land.
What it actually costs a month
EstimateYou own the ground and the home sits on a permanent foundation, so it titles as real property. Conventional, FHA, VA and USDA all lend here.
Estimated monthly
$1,498/ mo
- Principal & interest
- $1,242
- Property tax
- $161
- Insurance
- $95
- Home + land
- $215,000
- Amount financed
- $193,500
- Interest over the term
- $253,693
- Total of payments
- $468,693
Illustrative only. Rates move, and your actual terms depend on credit, the community, and whether the home titles as real or personal property. We will put a real lender quote in front of you before you sign anything.
05Order of operations
Do these in this order and nothing goes wrong.
Almost every purchase that falls apart falls apart because somebody did step four before step one.
- 01
Land first, always
Before a lender, before a floor plan. Whether you own or lease decides which of the six paths above you are even eligible for, and it changes the monthly figure by hundreds of dollars. If you do not own land yet, the buyer's guide at /start-here walks through the three ways onto ground.
- 02
Pre-approval, not pre-qualification
A pre-qualification is a lender being polite. A pre-approval is underwriting having actually looked. Ask for the second one; it costs nothing and takes about four days.
- 03
Site check and cost-to-set
Access, utilities, setbacks, soil, permits. Get the number in writing before you order. This is the line item that surprises people.
- 04
Order and lock
A deposit places the order with the manufacturer. Ask when your colour and finish selections lock — changes after that date are hard to make.
- 05
Close at set, not at order
You do not start paying a mortgage on a home that is still a stack of lumber. Funding happens when the home is on its piers and the foundation certification is signed.
06Money questions
Asked and answered.
Real-property lending generally starts around 620, and FHA will go lower with compensating factors. Chattel lenders write down to about 575 at a price. If you are below 620 and can wait six months, the difference between fixing your score and not fixing it is usually larger than the difference between any two homes on this site.
Yes, and people do. It requires acquiring the land (or the community converting to resident ownership), installing a permanent foundation, and retiring the personal property title through your state's conversion process. It is paperwork, an engineer's certification and a refinance — not a rebuild.
It depends on the home and, more than anything, on the site: transport, setup, anchoring, skirting and utility connections on one side; access, septic, well and power distance on the other. Raw land varies the most, which is why it pays to have the site looked at before you order. Ask us for a written quote for your land.
Want a real number instead of an estimate?
Tell us about your land and the home you like, and our team will help you find the best possible financing available.