Manufactured Home Loan Programs
Great news! It keeps getting easier and easier to finance manufactured homes. Here are four possible ways to finance manufactured homes!
The basic programs that will work for manufactured homes are:
- FHA – 3.5% down
- FHA 203k Renovation – 3.5% down
- VA – 0 Down
- Conventional – 5% down
- Rural Development – 0 Down
- MSHDA Down Payment assistance available
Some other things that are a little different with manufactured homes:
- Options for Singlewides and Doublewides
- Structural inspection needed
- Must be on Permanent foundation
- Affidavit of affixture required
- Manufactured home can not have been moved from another location
- For most programs they must be built after 6/1976. For Rural Development after 1/1/2006.
Generally looking for a 620 score or higher, a small savings, good rental history, etc…
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S.O.S. SAVE OUR SALE
S.O.S. SAVE OUR SALE: WHAT TO DO WHEN YOUR LENDER STALLS WEEKS BEFORE CLOSING!
Did your mortgage lender suddenly go radio silent, request the same bank statement for the fourth time, or drop a last-minute loan denial right before your scheduled closing date?
Yesterday, a panicked real estate agent called my office from Portage. Their buyer had been under contract for three weeks on a home near Milwood. The closing date sat just nine days away.
Out of nowhere, the buyer’s out-of-state call-center lender issued a denial letter. The call-center underwriter miscalculated self-employment write-offs, panicked over an unpermitted porch repair on the appraisal, and threw the entire transaction into the trash can.