Financing
Finding a manufactured home loan does not have to be difficult, and being able find the right qualified mobile home or manufactured home loan has never been easier. Let us help you find the perfect loan for your manufactured home today, whether it be a land and home loan, a manufactured home construction loan, or just a loan for your new manufactured home. We will match you with qualified lenders who can best serve your manufactured home financing needs. These lenders specialize and understand the specifics of manufactured home lending and manufactured home loans.
Types of manufactured home loans that are available:
- This loan is best suited for those with a credit score of 680 or higher. Buyers with lower scores may still qualify but can expect to pay higher interest rates.
- Down payment requirements generally range between 3% to 20%.
- Your debt-to-income ratio must be lower than 50%.
- Conventional Fannie Mae loans may finance ADU's through the "HomeStyle" Loan program— though not available through every lender.
- The FHA loan is great option for first-time homebuyers with lower credit scores and limited available cash for a down payment.
- The home to be purchased must be on a permanent foundation.
- You must have a 2-year work history with steady income.
- The maximum debt-to-income ratio is 43%
- FHA may finance ADU's through the "203K Loan" program— though not available through every lender.
- The VA loan is designed for service members, veterans, and eligible surviving spouses.
- Loans are issued by private lenders and guaranteed by the Department of Veteran Affairs
- To be eligible, you must have satisfactory credit, sufficient income to meet monthly payments, and a valid Certificate of Eligibility (COE).
- A chattel loan can be used to refinance or purchase a manufactured home that is on a non-permanent foundation.
- Essentially, chattel loans cover the costs of the home and not the land it is placed on.
- This is considered a personal property loan.
- Lender requirements for credit score generally start at 590.
- Chattel loans are often more expensive than traditional mortgage loans.
- This type of loan is an ideal option for those who are planning on buying or placing their homes in a Manufactured Homes Community/Park or are placing on land as an ADU / 2nd Unit.
