USDA Rural Development Expands Loan Eligibility to Existing Manufactured Homes

Great News!  Home buyers looking to purchase a manufactured home can now do so using the USDA Rural Development program.  That means buyers can take advantage of zero down financing and low mortgage insurance rates when the purchase a manufactured home.  This is huge for the more rural communities in Michigan were there are many of manufactured homes.  Previously the lowest down payment options was FHA requiring 3.5% down.  Now these same homes can be fianced with zero down.

Here are some requirements when using a USDA home loan for an existing manufactured home:

• Must be constructed after January 1, 2006
• Have a floor area of at least 400 square feet
• Be inspected utilizing U.S. Department of Housing and Urban Development (HUD) Form 309 Manufactured Home Installation Certification and Verification Report
• Have no alterations or modifications since it was manufactured
• Towing hitch and running gear must have been removed
• Unit must be taxed as real estate
• Remaining economic life must meet or exceed 30 years

Reach out to me for more information!