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!

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Buying and Financing Rental Property 2022 Event

July 2022 Lunch & Learn Event and Webinar for Realtors and Investors

Working with home buyers searching for a new primary residence is a totally different game compared to working with investors and rental property.  Sure, there are similarities, but what want-to-be home owners care about is different than what an investor cares about.  Frankly, for an investor, it’s all about the money and it should be.  When someone purchases a rental property they are essentially running a business.  If we can help them run a successful business and turn a profit they will likely come back and buy more properties.

There are lots of want-to-be investors out there and the hardest part is getting started.  We are going to help unravel the maze.  We will also look at long term planning.  Often just knowing what needs to happen to acquire the next property and the next one after that is one of the keys to success.  Owning rental property can be a great way to build wealth and we are here to help.

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