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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Jumbo vs Conventional Loan
JUMBO LOAN VS. CONVENTIONAL: WHAT KALAMAZOO MOVE-UP BUYERS MUST KNOW
Are you shopping for a luxury executive home or a custom build in Texas Township, Portage, or Richland?
Yesterday, a move-up buyer walked into my office after touring a gorgeous five-bedroom home near Texas Corners. The listing sat well above their previous starter home price point, and they were trying to calculate their down payment strategy.
They asked me, “Jeremy, at what price point does our mortgage switch from a standard Conventional loan into a Jumbo loan? Do Jumbo loans require massive 20% cash down payments?”
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