Financing the purchase of a manufactured home has recently become a much easier task.
San Francisco-based First Nationwide Savings has begun offering conventional financing to buyers who purchase homes through most AmeriStar Inc. manufactured-home dealerships, while Sentry Mortgage Co. of Albuquerque, N.M., has agreed to finance purchases from AmeriStar dealers when a buyer makes as little as a 10% down payment.
AmeriStar has 50 dealerships nationwide and plans to have about 200 by the end of next year, said David L. Leichey, a Palm Springs-based consultant to the manufactured-housing industry. AmeriStar opened a regional office in Laguna Niguel last month.
First Nationwide previously refused to finance manufactured-home purchases, Leichey said. But now the lender "is offering the same financing packages that it offers for site-built homes," he said.
The lack of several good financing programs for manufactured homes has been cited as one reason why sales have been sluggish this year, Leichey said.