What types of financing are available?


Home only (Chatel)– A financing program for home only loans being placed on private property or going in a community.


Used Home Financing- A great program to help finance a used home purchase.

Land Home- For the purchase of land and home together, one time close with the construction loan included

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Land in Lieu-A great option for customers to use their free and clear land as down payment.

 

Equity Program- Homebuyers who have a very low credit score and have the down payment that the Bank requires.  New Homes Only.

 

Zero Credit Score Program- For Homebuyers who have no credit score and no derogatory credit.  10% down payment and 2 years on the job required. New Homes Only.

 

Common Sense Program - Perfect for couples when one has a high credit score and the other has a low score.  10% down payment is required.

Banner Program – A promotional program for customers with a credit score of 575 or greater.  5% down payment is required, private property only.  New homes only.


BUY-FOR  Program - Customer can purchase a home for a family member. Available on Home Only and Land/Home programs.

 

CO-SIGNER  Program - When buyer has limited credit but no derogatory credit.

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Secondary -
A program available for non-primary residence purchase.  Available on Home Only and Land/Home programs.


Alternative Income-A financing program designed for self-employed customers.  Available on Home Only and Land/Home programs.
 

 

 
 

**Each of the following options depend upon your particular credit and buying situation**

 
  • Minimum of 5% down payment (depending on credit score-can be up to 35%)
  • Fixed interest rates.
  • No Penalty for Early Payoff
  • Up to 23 Year Term 
  • Closing cost can be financed 
  • Escrow is required for both Homeowner's Insurance and taxes. 
  • Mortgage Insurance not required.. 
  • Payment options include Free Monthly Auto Draft Payment Option, Optional Free Bi-Weekly Payment Plan, and a convenient on-line payment option. 
  • Single and Multi Section Homes - regardless of home site location - in a park, leased land or private land. 

 

Please be advised that we are bound by the "Safe Act" which prohibits us from discussing the details of any lending options with you. We can tell you their published requirements and parameters but beyond that, you'll have to speak to a credit manager directly at the lending institution you choose. We'll do our best to help answer as many questions as we can..

 

Frequently Asked Questions

 

 

Q.  Are there income tax advantages to owning your own Factory-Built home?

 

Owning a factory-built home makes good economic sense.  You can deduct the interest you pay on your mortgage loan from your income taxes.  And interest will comprise nearly all of your monthly payment for over half the number of years you'll be paying on your mortgage.

 

The American dream of home ownership still lives and Champion Home Center can make the dream a reality for you and your family.

Factory-built homes are an Investment In Your Future.  They give you the opportunity to build the investment and tax advantages that only comes with owning your own home.

 

Q. Does the home have to be on a permanent foundation?

A. No. We can do singlewide and doublewide homes with or without a permanent foundation. This allows financing for homes on rented land, in parks, on leased property or on family land.

 

Q. What is the maximum loan to value?

A. Up to 95% LTV on a primary residence. Closing costs can be financed into the loan or seller concessions may be used. Credit quality, occupancy type, loan affordability, and collateral type will ultimately determine your loan-to-value or down payment requirement.

 

Q. Where do the loans close?

A. On a home only loan, Champion Home Center will hold the closing, or we will mail the documents directly to you. A notary must notarize several forms. Funds will be disbursed as quickly as possible after we receive the completed closed loan package back in our office. On a land/home loan, all real estate transactions must close with a title company or attorney. Funds will be disbursed at closing.

 

Q. What closing fees are charged?

A. Fees for origination, credit bureau, title transfer, and appraisal can be charged if applicable. Other fees that can be charged, if applicable, include Title/Escrow/Attorney fees for closing the transaction. All closing costs can be financed into the loan if necessary except for the cost of appraisal (if applicable)

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