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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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June Lunch and Learn: HUD Homes - Financing & Repair Options

Unlock the Potential of HUD Homes: Financing & Repair Solutions for Real Estate Agents (June 6th)!

Are you looking to expand your inventory and help more clients achieve homeownership? Join us for a special event focused on HUD Homes: Financing and Repair Options! This informative session, designed specifically for real estate agents, will equip you with the knowledge and tools to confidently navigate the world of HUD Homes and empower your clients on their real estate journey.

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