Home Loans for Manufactured or Mobile Homes What you should know

Manufactured Home Loans. www.mortgageprosus.com/loan-options/mobile-and-manufactured-home-loans/ What you need to know.
How to Qualify for Mobile Home Financing
A mobile or manufactured home can be financed but the process is just a little different and specific. Most lenders don’t consider these homes eligible for the majority of types of mortgages. If your manufactured home meets all their requirements and is supported by a permanent foundation, some lenders may approve you for a loan. However, it’s often difficult or impossible to consider manufactured homes real property, particularly if you don’t own the land beneath it.
There are four types of mobile or manufactured home loans:
There are many options for those who want to finance a mobile home or manufactured home. Let’s take a look at each option and the requirements, as well as the pros and cons.
Conventional loans
Because these structures are not real property, most lenders won’t give you a conventional loan to finance a mobile home or manufactured home unless it is permanently attached to owned loan. Conventional mortgage sources Fannie Mae and Freddie Mac offer specialized loans for manufactured homes that meet certain criteria.
Be aware that not all lenders will finance mobile and manufactured homes. However, Fannie Mae as well as Freddie Mac offer loan options for qualified properties.
Conventional:
620 min qualifying fico score with 20% down, lower down payments will require much higher credit scores.
Singlewide, Doublewide & Triplewide units allowed
Doublewide and Triplewide must have been constructed AFTER June 15, 1976
Singlewide cannot be more than 10 years old on the date of appraisal
Purchase/Rate-Term to 95% LTV and Cash Out up to 65% LTV. (Cash Out not allowed on Singlewide)
Real Property conversion allowed at closing
Not previously installed or occupied at another site. The home must have been moved from the dealer directly to the owned land site.
Primary residence and 2nd Home allowed
FHA Loans
The Federal Housing Administration offers home loans that have fixed interest rates, lower credit and debt-to-income ratios, and lower down payment requirements. This is a popular choice for first-time homebuyers. We can even provide financing for the home and the lot all in one loan for NEW installations.
500 min qualifying fico
Singlewide, Doublewide & Triplewide units allowed
Purchase/Rate-Term up to 96.5 LTV and Cash Out up to 80 LTV
Manual Underwrites Allowed
Real Property Conversion allowed at closing
Not previously installed or occupied at another site. The home must have been moved from the dealer directly to the owned land site.
Primary residence only
Home must have been constructed AFTER June 15, 1976
VA Loans
A VA loan is available for those who want to purchase a manufactured home. It works in the same way as the FHA loan. VA loans are available only to qualifying veterans through the Department of Veteran’s Affairs. A VA loan offers many benefits, including the ability not to pay any down and no mortgage insurance.
You must have a permanent foundation and meet the HUD guidelines to qualify for a VA loan. Mobile homes are not eligible.
500 min qualifying fico
Singlewide, Doublewide & Triplewide units allowed
Purchase, Rate-Term and Cash Out up to 100% LTV
Manual Underwrites allowed
Real Property Conversion allowed at closing
Can be previously installed or occupied at another site. The home must have been moved from the dealer directly to the owned land site.
Primary residence only
Home must have been constructed AFTER June 15, 1976
USDA Manufactured Pilot Program
A USDA loan is available for those who want to purchase a manufactured home in a rural area. It works in the similar way to the FHA loan.
550 min qualifying fico score
Singlewide, Doublewide & Triplewide units allowed
Purchase up to 100% LTV
Home must be a 2006 model or newer
Manual Underwrite Required. Max DTI 29/41
Real Property Conversion allowed at closing
Not previously installed or occupied at another site
Home must be located in a USDA eligible rural area
Primary residence only
If you don’t want a mobile or manufactured home and are interested in a mortgage for your home, you can start online here with The Richard Woodward Mortgage Team.
Richard Woodward
Branch Manager, NMLS 217454
Your Local, 5 Star Rated Mortgage Lender
Voice/Text: [phone]
www.MortgageProsUs.com
Nexa Mortgage NMLS# 1660690
7820 Hague Ct Plano, TX 75025
Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. Nexa Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualifications. Rates and fees are subject to change without notice.

[@omarkane5123]

Thankyou for your help, I hope to hear more!

[@RichardWoodwardthemortgageguy]

I would be happy to help. Do you have a specific question?

[@therealestateflash8720]

thanks for the video! Are any of these options available for investors? And do you work in Georgia?

[@RichardWoodwardthemortgageguy]

Sorry, I don't work in GA.

[@PaulaHebner]

Do you have to own the land the mobile home will be on?

[@RichardWoodwardthemortgageguy]

In order to finance the mobile home with the lowest interest rate, you will need to either own the land or purchase the land simultaneously with a mobile home construction loan. I offer both.

[@pamelacash7331]

What is the Interest Rate?

[@RichardWoodwardthemortgageguy]

Interest rates are based on several factors and changes at least daily. For a custom quote simply complete an application or request for a quote.

[@MsUnity2011]

Do you work with self-employed individuals outside of your state?

[@RichardWoodwardthemortgageguy]

I am only licensed in TX, KY, CO, and OK. I can refer you to another of our loan officers in your state.