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:
Reach out to me for more information!
Did you pull your free credit score on a mobile app, see a solid 680, and then watch a mortgage lender pull a 635 that bumps your interest rate or private mortgage insurance (PMI)?
Yesterday, a frustrated home buyer walked into my office after looking at houses in Portage. They wanted to make an offer by Friday.
Their middle credit score sat at 618. That number left them just two points shy of the critical 620 tier for Conventional financing, which forced them toward higher monthly fees.