Manufactured Home Loans, Modular Home Loans, and Mobile Home Loans

Manufactured home and Mobile Home Loans requirements are almost the same and they are very similar structures that was built after June 15, 1976. In 1976, the U.S. Department of Housing and Urban Development (HUD) put new safety standards into effect for mobile homes and changed the name of these structures going forward to “manufactured” homes rather than “mobile.” The main difference between manufactured and mobile homes is that manufactured homes abide by the new safety regulations set in place by HUD while mobile homes were built prior to their implementation. Mobile homes were also often intended to be easily movable, whereas many manufactured homes are not built to move after they are assembled.

 

What are the requirements for getting a Manufactured or Mobile Home loan?

  • Double wide only no single wide allowed
  • Up to 50% DTI.
  • 3.5% Down Payment for purchases and 85% LTV for refinances.
  • Minimum Loan Amount $150,000.
  • Purchase or Refinance and Cash-out.
  • Primary residence, second homes, and investment properties.
  • 30-Year Fixed or ARM Rates.
  • Credit scores as low as 620.
  • Financing for homes located within a Park or Community.
  • Permanent foundations Only.
  • Must be on owned land, No leased property allowed.
  • Financing for new and used manufactured homes Built prior to 1976.
  • Used Manufactured Homes (person-to-person) type transactions must be ready for immediate occupancy. Move‐In Ready condition at the permanent location required.
  • No Rehab loans available or financing available.

Manufactured or Mobile Home In-Park Loans

If you’re looking to finance a mobile home in a community, manufactured home. Loan specializes in chattel/in-park financing!

The Difference Between Mobile And Manufactured Homes

Before we talk about financing, we should clarify the difference between a mobile home and a manufactured home – because they’re often used interchangeably. A mobile home is a prefabricated home structure built on a permanent chassis that was constructed prior to June 15, 1976.

A manufactured home is a very similar structure that was built after June 15, 1976. In 1976, the U.S. Department of Housing and Urban Development (HUD) put new safety standards into effect for mobile homes and changed the name of these structures going forward to “manufactured” homes rather than “mobile.”

The main difference between manufactured and mobile homes is that manufactured homes abide by the new safety regulations set in place by HUD while mobile homes were built prior to their implementation. Mobile homes were also often intended to be easily movable, whereas many manufactured homes are not built to move after they are assembled.

How To Qualify For Mobile Home Financing

Financing a mobile or manufactured home is a little different from financing a house because most lenders do not consider these homes eligible for most types of mortgage. Some lenders will give you a loan for a manufactured home if it meets their specific requirements and rests on a permanent foundation, but often it is difficult or impossible for manufactured homes to be considered real property, especially if you don’t own the land under your home.

Types Of Loans For Mobile Or Manufactured Homes

For those looking to finance a mobile or manufactured home, you have a few options. Let’s explore each one and some of the requirements plus the pros and cons that come along with them.

Conventional Loans

Most lenders will not give you a conventional loan for a mobile or manufactured home because these structures are not considered real property. If you have a manufactured home that meets some very specific criteria, however, conventional mortgage sources Freddie Mac and Fannie Mae do actually offer specialized loans.

Fannie Mae

While not all lenders finance manufactured homes, some may offer Fannie Mae’s MH Advantage® program, which allows buyers to finance manufactured homes over 30 years with down payments as low as 3%. To qualify, however, your home will need to fit very specific criteria. For instance, the home must be at least 12 feet wide, have a minimum of 600 square feet, cannot be on leased land, etc These requirements are similar to Fannie Mae’s – the home must be built on a permanent chassis, must be considered real property, has to have at least 400 square feet of living space, etc.

FHA Loans

The Federal Housing Administration (FHA) offers home loans with fixed interest rates and lower credit, debt-to-income ratio and down payment requirements that are popular with first-time home buyers. They also offer manufactured home loans called Title I and Title II loans.

Title I loans can be used to purchase manufactured homes but not the land on which they sit. There are a few stipulations, such as that the property must be your primary residence, it has to meet FHA guidelines before being placed on a rental site, must be connected to utilities, etc. These loans tend to have short terms (typically up to 20 years) and low loan limits.

Title II loans can be used to purchase both a manufactured home and the land it sits on jointly. These loans cannot be used in mobile home parks or on leased land. Mobile homes to do not qualify as it’s required that the home being financed was built after 1976. These loans also require that the manufactured home in question counts as real property.

VA Loans

Similar to a Title II FHA loan, if you want to buy a manufactured home and the land it sits on, you can also get a VA loan. VA loans are only available to veterans and qualifying active duty service members through the Department of Veteran’s Affairs. There are many benefits that come with a VA loan, including the ability to put no money down and avoid paying mortgage insurance.

To qualify for a VA loan for a manufactured home, your home must be on a permanent foundation, meet HUD guidelines and must be purchased with the land underneath it; mobile homes do not qualify.

 

Comparing Current Manufactured Home Loan Rates

Finding the lowest Manufactured Home loan rates is very important, that’s why we’ve already searched them for you, getting the lowest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best mortgage rates is a big deal.

Current  Mobile Home Loan Rates

When you “CLICK HERE” you’ll instantly see today’s lowest Manufactured Home loan rates. If you see an interest rate you like, you can click to head straight to get your Custom Rate Quote.

Google Reviews

Expert advice at your fingertips

Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep banker’s hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.

Eddie Hoskins Founder & CEO

Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.

Why should you choose us for your home loan?

We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.

Are credit scores a little low?

We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.

“We Think Outside The Box”

Our “Outside The Box Thinking”  gets home loans approved and closed every day! From Bank statements as Income loans to 50% debt to income ratio approvals, we do them all.

We’ve streamlined the mortgage process, and closed in 30 days or less.

From application to closing, all from the palm of your hand.

Expert advice at your fingertips

Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep bankers’ hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.

Eddie Hoskins Founder & CEO

Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.

Why should you choose us for your home loan?

We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.

Are credit scores a little low?

We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.

“We Think Outside The Box”

Our “Outside The Box Thinking”  gets home loans approved and closed every day! From Bank statements as Income loans to 50% debt to income ratio approvals, we do them all.

We’ve streamlined the mortgage process, and closed in 30 days or less.

From application to closing, all from the palm of your hand.

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