A Few Words About Financing Homes in Fountainhead at Jackson
Fountainhead does not receive any compensation of any kind in connection with any home that is financed. Several financing companies were offered the opportunity to link to our site and have neither accepted nor responded to the offer. Any link on our site pertaining to financing will navigate you away from our site.
We can tell you that financing your mobile manufactured home in our land leased community is classified as “chattel financing.” This is different than “conventional residential mortgaging” and “the-bank-on-the-corner” is usually not chartered to offer this kind of financing.
It is easy to finance your manufactured home.
You must do some advance planning, just as you have all your life for everything you’ve done that was important.
Here are the big decisions:
How much of your savings will you use for the down payment on your new home?
The expected contract amount minus the down payment equals the amount to be funded by financing, or the amount of the loan you will apply for. Since you have prepared all of the above analysis, your application process will be fast and easy to complete!
Know the following answers:
- How much will the monthly payment be?
- How much are the taxes, heating, electric, sewer and water bills?
- How much are your credit cards bills?
- How much is the car payment?
- How much is your medical insurance?
- Are there any other recurring monthly expenses (alimony, etc.)?
- Your proof of income could be the automatic deposit of your pension, SSI, or disability into your checking account. It could also be your pay check, IRA withdrawal, or your interest on investments.
Credit Utilization Ratio
You are ready to right-size your home and now thinking about your credit history. How could those credit card balances help or hinder your plans?
What is your credit utilization ratio?
The credit utilization ratio is the amount of outstanding balances on all credit cards divided by the sum of each card’s limit, and it’s expressed as a percentage. Credit issuers like to see a credit utilization ratio of approximately 35% or less.
How does utilization rate affect credit scores?
Credit utilization is the ratio of your credit card balances to credit limits. It measures the amount of your credit limit that’s being used. For example, if your balance is $300 and your credit limit is $1,000, then your credit utilization for that credit card is 30%.