Financing - Frank's Home Place

Financing Your Manufactured or Modular Home

Unless you're paying cash, you'll need to obtain a home mortgage loan to finance your new or pre-owned home. There are many loan options available to qualified buyers, but the financing process can be overwhelming and difficult to understand. Adding to that frustration are new federal lending laws that just came into effect which limit the role a manufactured or modular home dealer play in discussing lending options with their customers.

Fortunately, Frank's Home Place has provided an easy 1-2-3 Step Guide to help its customers get on the right road to successful home financing! Follow the three easy steps below to get started!

Quick Home Buying Links:

5 Step Home Buyers Guide

2018 Home Mortgage Lender List (local)

Fannie Mae My Community Mortgage Program

Dodd Frank Quick Reference Guide

Estimated Monthly Payment List

Buying a Home in 3 Easy Steps!

1. Check Your Credit

Good credit is essential in getting the best financing for your new or pre-owned home. Start by getting a FREE copy of your credit report from or to make sure your credit history is correct and updated, and to see if you are credit-worthy enough to buy a home!

Visit Wallet Hub

Visit Credit Karma

2. Talk to a Lender

One of the first things a buyer should do when considering buying a new home is to talk with a qualified home mortgage lender in their area. In compliance with the new Dodd Frank Laws, Frank's Home Place is happy to provide you with this list of lenders in the area that are most likely to provide financing for your new or pre-owned manufactured or modular home.

Click for Mortgage Lender List

3. Calculate a Payment

Use this free, comprehensive mortgage calculator to determine how much in monthly mortgage payments you can comfortably afford! Having a home buying budget in mind BEFORE you start shopping can save you time AND money!

Click for Mortgage Calculator

Down Payment Assistance Help Now Available!

If you are a first-time home buyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $8,000 in downpayment assistance with the NC 1st Home Advantage Down Payment!

Get the full program details below, or contact your preferred lender for more information!

Program Details:*

$8,000 2nd lien; 15-year subordinate loan

Deferred years 1-10; forgiven at 20% a year in years 11-15
Max sales/acquisition limit is $250,000
Both new and existing homes are eligible
Single family, Townhome, Condo - 640 Credit Score
New Manufactured Housing - only on Govt loans - FHA/VA/USDA - 660 Credit Score
Max 43.0% Debt to Income
Interest rate on 1st mortgage may vary daily; see www.nchfa.com daily for rates starting 3/1/2018

Must be a first-time home buyer or qualifying military veteran (non-active duty)
The new $8,000 DPA cannot be combined with an MCC or the 3%/5% DPA from NCHFA
60-day locks. Reserve locks using the same, NC Home Advantage reservation system in our OLS Portal on our website
NASH/EDGECOMBE/WILSON County limits -
1-2 person household = $71,000
3+ person household = $82,000

*information above provided by BB&T