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Home Ownership

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.

Why Buy?

Owning your own home has a number of advantages:

  • A home is a valuable asset that can appreciate over time.
  • If you take out a mortgage, you can lock in your monthly payments and also build equity.
  • You have the freedom to make changes to your property.
  • The U.S. tax code allows you to deduct your mortgage interest from your gross income, which results in lower taxable income.
  • You can experience the pride and sense of stability that comes with being a homeowner.
Our Mortgage Program

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.

Our Rent-To-Own Program

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:

  • You apply and are approved for a Rent-to-Own agreement. The agreement states the monthly rent and the home's purchase price. You pay a deposit and agree to rent the home for at least one year. You are not obligated to buy it.
  • After a year you are eligible to buy the home at the agreed upon price. If you decide not to buy it at that time, you may continue to rent.
  • If you buy the home, you receive a bonus based on 5% of the total amount of rent you have paid.
  • Western Management arranges financing through our mortgage program.

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