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Financing a mobile home purchase? RoseLake Estates would like to help with some information based on going through the process in Pendleton, Indiana with our homeowners numerous times.

The good news is that mobile home financing is a pretty upfront process. We can help direct you to a company that specializes in mobile or manufactured home loans, or use the bank of your choice.

Here’s some info on obtaining a mortgage:

  • Good news: You’ll build up equity (how much home you own vs. the bank) quickly on a manufactured home. That’s because most mortgages for manufactured homes are 8 to 15 years (rather than 20-30 for stick built homes).
  • More good news: You can usually deduct all the interest you pay on the loan for your manufactured home on your federal tax return. Check with your tax preparer or tax adviser.
  • What about the interest you pay on your site rent? That’s also often deductible on your state taxes — up to $3,000 per year! And that’s in addition to a federal tax write off. Wow.

RoseLake Estates sweetens the pot further for new homeowners by paying your real estate taxes through our community management company. Individual homeowners only pay personal property taxes. That’s another savings over someone paying typical real estate taxes on a traditional home of similar size.

At RoseLake Estates, we want to make buying your manufactured home a terrific experience for you. If you have a question we didn’t address about home financing, just give us a call. If we can’t answer your questions, we’ll make sure to put you in touch with someone who can! Call us at 317-485-6447.

 


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