Conforming mortgage

There are many things that must be taken into consideration, including the type of mortgage to pursue. Like other loans, a manufactured home loan comes in the form of both a conforming and nonconforming mortgage. A conforming mortgage is typically fixed rate at either 15 or 30 years. They are good for people who plan to stay in a house for many years. Adjustable rate mortgages or nonconforming manufactured home loans are better for people who plan to live in their house for a few years. Otherwise, a conforming mortgage can be very expensive. Compared to a nonconforming mortgage, a conforming mortgage can offer lower interest rates and a lower risk of foreclosure. Manufactured houses do have special types of financing that are different from ordinary structures. Buyers can finance through the retailer and their retail installment contract.