For Sale

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Web HOME FOR SALE

   
home sale box Lot #53
 
 

~ PENDING SALE ~

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Come find the Home of your Dreams…
Only at Gainsborough Homes!
 
 
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Types of Loans:

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*At Gainsborough you purchase your manufactured home and lease the land.  Since you do not own the “Real Estate Land” your home will be located on, you will not be able to qualify for conventional home loan rates.  Conventional loan rates are rates loans that are sellable on the secondary market (Fanny Mae & Freddie Mac).  However, there are several financing options available for your home purchase. 
 
The BEST way for you to finance for a short-term loan is to pull the “equity” out of your current site-built home.  You have the option of taking out a second mortgage or an equity line of credit. This can be done at any local bank or loan center.  The equity line of credit seems to fit our customer’s needs the best since you will be able to pull only the money you need as you need it, therefore you will only be paying interest on the exact amount of money you need.  Equity loan rates seem to be lower than most manufactured home loan rates.  Then when your current home is sold, the loan will simply be paid off in full.  The two important things to remember about equity loans are: most banks will not give you an equity line of credit if your house is     already on the market so take out your equity loan PRIOR to placing your current home up for sale.  The second thing to remember is to make sure that your equity loan has NO pre-payment penalties.  You will want to pay the loan off rather quickly depending on the sale of your home and would not want to be penalized for early payoff.  
 
If you would like a permanent mortgage loan then you will need to get a non-conforming manufactured home loan and borrow on your new home.  Don’t worry there are some great loans out there.  Some loans offer very little closing costs and have long terms so your payments can be lower. 
 
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