Rocket Mortgage Offers Financing for Manufactured Homes

Rocket Mortgage is a mortgage lender rocket companyintroduced traditional loan options for Americans interested in buying or refinancing manufactured homes.

Manufacture Houses are constructed in indoor housing construction facilities as prescribed by the Department of Housing and Urban Development. Manufacture Home StandardIt is then delivered to the land where the owner lives. Once the house arrives on site and is placed on a permanent foundation, it becomes real estate and can be financed through a mortgage.

Rocket Mortgage CEO Bob Walters said: “Through this new option, we hope more Americans can fulfill their homeownership dreams.”

Manufacture houses are a cost-effective option for homebuyers, notes Rocket.a Recent reports According to the Manufactured Housing Institute, on average a manufactured house costs about one-third as much as a house built on site. The Institute also says that 22 million Americans currently live in manufactured homes, with this type of building accounting for 9 percent of his new home construction.

“Over the past year, sales of manufactured homes have been about $12 billion. These are high income, high credit, high credit quality clients. We do,” Walters added.

Rocket Mortgage’s new Manufactured Home Financing can be used to purchase a primary residence for as little as 5% down or a second home for at least 10% down. Cash out refinances are available for primary residences and interest rate and term refinancings are available for primary residences or second homes. Other credit, asset, income and liability requirements are consistent with traditional loan guidelines.

Clients can leverage Rocket Mortgage’s industry-leading digital mortgage experience to apply and process loans. A mortgage expert can offer advice and guide them along the way. You can also apply through a mortgage broker affiliated with Rocket.

These manufactured mortgages are the latest in a number of new programs announced by Rocket. The company introduced Rate Drop Advantage in his July. This is a program that waives many of the refinancing costs if a client buys a home now and refinances within three years. In August, Rocket Mortgage introduced home equity loans, offering a new option for dealing with growing consumer debt.recently launched company inflation buster– Lower interest rates for homebuyers by one percentage point on most loans for the first year, making them completely free.

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