Financing different types of homes
Beyond the quintessential home
When you hear the words ‘buying a home,’ you’re probably picturing flowerboxes and a perfectly manicured lawn, but there are so many types of homes out there. You don’t need to be in the market for a four-bedroom Colonial to reap the benefits of homeownership. From two-bedroom condos to manufactured homes to accessory dwelling units, we have financing answers to help you find whatever’s right for you.
Want a return on your investment?
A multi-family 2-4-unit property could be for you. This can be more affordable than buying a larger property and you can rent out additional units. Proper Rate has a conventional loan program available specifically for multi-unit financing.
Consider a condo
Not quite ready to take on the lawn-mowing, snow-shoveling duties that come with homeownership? A condo could be the answer. Often more affordable than single-family homes, condos can be a great option for first-time homebuyers. There are even specific condos on the market eligible for FHA condo loans, which offer down payment options as low as 3.5 percent. Keep homeownership association fees in mind and know they can range from hundreds to thousands of dollars per month. But they also keep you from having to pay for things like outdoor maintenance.
Also an option—a co-op
With a co-op, you’re a shareholder, not a property owner. While the co-op association owns the entire building, each tenant has a stake in the association, with their numbers of shares dependent on square footage, outdoor space, number of rooms and floor location.
Don’t forget detached condominiums
What appears to be a single-family home, a detached condo is considered a condominium and can be found in gated communities. Depending on the specific community, your homeowner association will typically eliminate some of the exterior maintenance. These types of homes are typically financed with a 30-year fixed-rate loan.
The perks of PUDs
Similar to condos, planned unit developments (PUDs) have shared areas and amenities owned by a homeowner’s association or by other invested parties and often include both residential and commercial units. PUDs can range in appearance from condos to single-family residences and tend to offer outdoor amenities such as tennis courts or playgrounds maintained by the homeowner’s association.
The move to manufactured homes
Here’s another type of home you can finance—manufactured homes. After 1976, mobile homes were reclassified as manufactured homes—establishing a new set of quality standards that addressed home systems such as heating, plumbing, air conditioning and electrical wiring. While mobile homes tend to get a bad rap, they’re made a lot differently today and only homes built before 1976 can truly be considered ‘mobile homes.’
Uncover all your options
Think about what you’re looking for in a home—how much space do you need and what’s important to you? Do you want your own backyard, or would you prefer shared amenities, like a gym or a pool? With access to over 150 loan products, we’ve got you covered. Speak with one of our loan experts to lay out all your options.
Proper Rate, LLC. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate.