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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Are you preparing an offer on a home in Kalamazoo, Portage, or Texas Township and trying to get the best financial deal from the seller?
Yesterday, a move-up buyer walked into my office after touring a spotless four-bedroom colonial near Westnedge Hill. The home listed at $310,000. They wanted to negotiate $10,000 off the deal to make their overall purchase more affordable.
Their immediate thought was to offer $300,000.
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