Program and Rate Disclaimers

Program and Pricing Examples for Products Offered By ManufacturedHome.loan

Last Modified: June 6, 2017

ManufacturedHome.loan offers a wide variety of home loan solutions to meet the needs of most residential home buyers and property owners. On this page, we explain how rates are calculated on our website, how pricing may be different on 3rd party publishers’ websites, and how mortgage rates and closing costs may vary. We also offer some examples of how various products work in relation to monthly payments, APR, private mortgage insurance, and other contributing factors. If you have any questions during your research, do not hesitate to give one of our mortgage professionals a call at (800) 332-4313.

Examples of Products Listed on ManufacturedHome.loan

  • The examples below are based upon a purchase or rate and term refinance for a single family, primary residence, for borrowers with credit scores of 700 and higher. Please contact an ManufacturedHome.loan mortgage professional to discuss specific products, rates, and calculations.

Fixed Rate Examples:

30 Year Fixed Rate Mortgage:
The principal and interest payment on a $200,000 30 year fixed rate mortgage at an interest rate of 5.000% and 75% loan-to-value is $1,073.64. The APR is 5.035% with $800 in fees included into the APR. Example does not include any discount or origination points. Taxes and insurance premiums are not included in the monthly payment. No private mortgage insurance (PMI) is required in this example. 30 year mortgages are amortized over a 360 month period.

20 Year Fixed Rate Mortgage:
The principal and interest payment on a $200,000 20 year fixed rate mortgage at an interest rate of 4.875% and 75% loan-to-value is $1,306.14. The APR is 4.923% with$800 in fees included into the APR. Example does not include any discount or origination points. Taxes and insurance premiums are not included in the monthly payment. No private mortgage insurance (PMI) is required in this example. 20 year mortgages are amortized over a 240 month period.

15 Year Fixed Rate Mortgage:
The principal and interest payment on a $200,000 15 year fixed rate mortgage at an interest rate of 4.500% and 75% loan-to-value is $1,529.99. The APR is 4.560% with $800 in fees included into the APR. Example does not include any discount or origination points. Taxes and insurance premiums are not included in the monthly payment. No private mortgage insurance (PMI) is required in this example. 15 year mortgages are amortized over a 180 month period.

10 Year Fixed Rate Mortgage:
The principal and interest payment on a $200,000 10 year fixed rate mortgage at an interest rate of 4.500% and 75% loan-to-value is $2,072.77. The APR is 4.586% with $800 in fees included into the APR. Example does not include any discount or origination points. Taxes and insurance premiums are not included in the monthly payment. No private mortgage insurance (PMI) is required in this example. 10 year mortgages are amortized over a 120 month period.

FHA Mortgage Financing Examples:

30 Year Fixed Rate FHA Loans:
The principal and interest (P&I) payment on a $122,100 year fixed rate home loan at an interest rate of 5.000% and 80% loan-to-value is $785.46 ($655.46 P&I + $130 monthly mortgage insurance premium). This is based upon a $150,000 home sales price, 20% down payment, 1.75% one-time upfront mortgage insurance premium (MIP) of the base loan amount of $120,000 ($120,000 X 1.75% = $2,100), and monthly mortgage insurance premium at 1.30% of the base loan amount. The APR is 6.153% with $800 in fees and the 1.75% upfront MIP incorporated into the APR. Taxes and homeowners insurance premiums are not included. 30 year home loans have monthly payments for 360 months. With mortgages with LTVs of 90% or less, the .45% mortgage insurance premium must be paid for 132 months or until the loan is paid off, whichever occurs first.

15 Year Fixed Rate FHA Loans:
The principal and interest (P&I) payment on a $122,100 year fixed rate home loan at an interest rate of 4.5000% and 80% loan-to-value is $979.06 ($934.06 P&I + $45 monthly mortgage insurance premium). This is based upon a $150,000 home sales price, 20% down payment, 1.75% one-time upfront mortgage insurance premium (MIP) of the base loan amount of $120,000 ($120,000 X 1.75% = $2,100), and monthly mortgage insurance premium at 1.30% of the base loan amount. The APR is 5.320% with $800 in fees and the 1.75% upfront MIP incorporated into the APR. Taxes and homeowners insurance premiums are not included. 15 year home loans have monthly payments for 180 months. With mortgages with LTVs of 90% or less, the .45% mortgage insurance premium must be paid for 132 months or until the loan is paid off, whichever occurs first.

USDA Rural Housing Loan Example:

30 Year Fixed Rate USDA Rural Housing Mortgage Loan:
The monthly payment (principal and interest) on a $127,500 ($125,000 loan amount + $2500 upfront guarantee fee added to the loan) 30 year fixed rate USDA rural housing loan at an interest rate of 6% and 100% LTV (zero down) is $1,203.76 ($1,135.58 P&I + $68.18 Monthly MIP). This scenario is based upon a $125000 sales price and a 2.00% upfront guarantee fee of the base loan amount of $2500 ($125,000 X 2% = $2,500) and a monthly mortgage insurance premium (MIP) at .40% (of base loan amount). The APR is 6.641% with $800 in fees and the 2.00% upfront guarantee fee calculated into the APR. 30 year fixed rate home loans require monthly payments for 360 months (12 month X 30 years = 360 months). Payment example above does not include taxes, homeowners insurance, and any home related dues (i.e. HOA dues). Please contact an ManufacturedHome.loan mortgage professional to learn more USDA rural housing loans.

Adjustable Rate Examples:

Please contact a licensed mortgage professional before considering an adjustable rate mortgage. Adjustable rate loans carry a higher degree of risk and it’s important to fully understand how these loans function before taking out an ARM.

7/1 Adjustable Rate Mortgages
The principal and interest payment on a $200,000 7/1 adjustable rate mortgage at an interest rate of 5.000% and 75% loan-to-value is $1,073.64 at a margin of 2.5% and a current index rate of 1.50%. At the time of closing, the Annual Percentage Rate is 4.518% with $800 in fees incorporated into the APR. The monthly payment does not include taxes and insurance payments. No PMI is required in this example. 7/1 year mortgages have monthly mortgage payments for 360 months. With this 7/1 adjustable rate mortgage, the loan has an introductory rate which exists for the first 7 years of the loan. After the first 7 years, the principal and interest payment will go up or down based upon the index at that moment and the margin and caps associated with the product and, a borrower’s rate will adjust once a year thereafter.

5/1 Adjustable Rate Mortgages
The principal and interest payment on a $200,000 5/1 adjustable rate mortgage at an interest rate of 4.750% and 75% loan-to-value is $1,043.29 at a margin of 2.5% and a current index rate of 1.50%. At the time of closing, the Annual Percentage Rate is 4.307% with $800 in fees incorporated into the APR. The monthly payment does not include taxes and insurance payments. No PMI is required in this example. 5/1 year mortgages have monthly mortgage payments for 360 months. With this 5/1 adjustable rate mortgages, the loan has an introductory rate which exists for the first 5 years of the loans. After the first 5 years, the principal and interest payment will go up or down based upon the index at that moment and the margin and caps associated with the product and, a borrower’s rate will adjust once a year thereafter.

VA Financing Examples:

30 Year VA Fixed Rate Loans
The principal and interest payment on a $150,000 30 year VA fixed rate mortgage at an interest rate of 5.500% and 100% loan-to-value (zero down payment) is $805.24. VA loans do not have mortgage insurance premiums. The APR is 5.192% with a 2.15% funding fee paid at closing (will vary) and 0% origination and discount points. 30 year fixed rate home loans require repayment over the course of 360 months. Contact a ManufacturedHome.loan mortgage professional for eligibility information. Monthly taxes, insurance, and any HOA dues are not included in the monthly payment example above.

15 Year VA Fixed Rate Loans
The principal and interest payment on a $150,000 15 year VA fixed rate mortgage at an interest rate of 4.500% and 100% loan-to-value (zero down payment) is $1,186.20. VA loans do not have mortgage insurance premiums. The APR is 5.332% with a 2.15% funding fee paid at closing (will vary) and 0% origination and discount points. 15 year fixed rate home loans require repayment over the course of 180 months. Contact a ManufacturedHome.loan mortgage professional for eligibility information. Monthly taxes, insurance, and any HOA dues are not included in the monthly payment example above.