Western Management makes buying a home in one of our communities easy and affordable. We offer loan packages with attractive terms. And we also give you the option of renting your home first and accumulating a bonus that can be applied to the down payment.
Owning your own home has a number of advantages:
Our mortgages are specially designed for the manufactured home buyer. These loans feature fixed rates, affordable monthly payments, no additional fees, no points, and no prepayment penalties. They allow you to occupy your home immediately and start building equity right away. The qualification process is simple and straightforward.
This program enables potential buyers to live in a home before investing in it, while accumulating money in the form of a buying bonus that is applied to the purchase price. Nearly all rental homes in Western Management communities are available for purchase.
With the Rent-to-Own program, you can experience living in the home and the community prior to buying. You also benefit financially when you purchase the home. But there is no penalty if you decide not to buy.
Here's how it works:
Let's take an example:
Suppose a family rents a home for $550 per month and enters into a Rent-to-Own agreement to buy the home for $20,900 after 14 months. At the end of the 14-month period, they will have paid a total of $7,700 in rent. The bonus amount is 5% of that $7,700, or $385. They apply this amount to their down payment, along with the renter's deposit they paid when they moved in.
Purchase price of home = $20,900
Down payment (8% of price) = $1672
Less bonus = $385
Less deposit = $550
Total down payment remaining = $737
The remaining purchase price is covered by a $19,228 mortgage, and the rent is replaced by mortgage payments. Mortgages differ according to the term of the loan and current interest rates, but here are a couple of examples based on the $19,228 figure:
A 7-year mortgage at 8% interest = about $299 per month
A 5-year mortgage at 8% interest = about $389 per month