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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Do you have substantial equity sitting inside your home in Kalamazoo, Portage, or Texas Township, and want cash to renovate, consolidate debt, or fund a down payment on your next property?
Yesterday, a homeowner visited my office after reviewing their home’s updated market valuation in Portage. Over the past five years, their property gained more than $110,000 in equity. They wanted $45,000 to remodel their kitchen and update their primary bathroom.
Their primary mortgage holds a locked interest rate of 3.25% from a few years back.