When most people in Arizona decide to build new homes, what comes to mind is the traditional stick-built houses. But Arizona prefab homes are gaining popularity really fast, and more and more people are slowly embracing them. In this article, we look at some of the reasons why you should consider prefabs on your journey to become a homeowner.
First of all, prefabricated homes are great for building equity. Owners of prefab homes build equity just like the other homeowners. Building equity is without doubt one of the best parts of homeownership as it allows you to build wealth over time, which you can eventually turn into cash. Even before you own a prefabricated home in full, you have cash-out refinancing options that will allow you to tap into built equity in your homes to do things such as making home repairs or improvements, paying for college or retirement, paying off high interest debt, or creating an emergency cash reserve. This provides peace of mind that can be only got from homeownership.
Another reason why you should consider investing in Arizona prefab homes is that they are currently owned by over eighteen million Americans. Prefabricated structures are on the rise in the United States of America since a lot of people have come to realize just how beneficial they are. They made up 10 percent of the new home market between 2003 and 2013, and the number has continued to rise ever since.
Last but not least, you can invest in Arizona prefab homes without perfect credit. There are companies that offer conventional, FHA, VA, as well as USDA financing for manufactured homes. Federal loan programs like FHA and VA have credit score requirements of just 580, so a perfect credit is not necessary when you decide to purchase manufactured homes.