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!

Spread the love