The convenience and comfort offered by manufactured homes have urged many American citizens to build cheap manufactured homes instead of building a conventional home. However, many manufactured homeowners decide to upgrade their home after residing in it for a few years.
However, home improvement projects such as building an additional room, upgrading a heat pump, incorporating energy efficient features, etc., may cost a fortune. Fortunately, you will be able to find several home improvement grants and loans that cover the cost of your manufactured home renovation.
It is true that some of these financing options depend on the location of your home and on your income. This means that some of them may not be available to you, but if you do a little research on home improvement loans, then you will be able to find at least one financing option that funds your manufactured home renovation project. Here are a few loans and grants that may fund your manufactured home improvement.
Home Improvement Loans
Home improvement loans are popular among homeowners because they are the best financing choice for homeowners who are looking to remodel their home. If your manufactured home is financed through a bank or lending institution, then you can easily acquire a home improvement loan from them.
Home Equity Loans
These types of loans have offered a tax-deductible cash-stream for both home repairs and home improvement. Home equity loans are also known as second mortgages because you will have to pay off the loan amount over a predetermined period.
Bank Savings Club
Some of the lending institutions or banks allow special savings clubs for home remodeling or improvement project. Most of these clubs generally offer plenty of benefits or a higher APR to their members, which are not available with a normal savings account.
Unsecured Personal Loan
Unsecured personal loan usually ranges from a couple hundred dollars to $15,000 or even more and they can have either a variable or a fixed APR. One of the major advantages of acquiring an unsecured personal loan is that you will not have to put any collateral.
Secured Personal Loan
If you are planning to apply for a secured personal loan to fund your home improvement project, then you should note the fact that you will have to put up collateral for that. This means that if you fail to pay back the loan, then the bank will take possession of your collateral.