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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LIVING IN KALAMAZOO VS. PORTAGE, MI: WHICH CITY FITS YOUR LIFESTYLE?
Are you planning a move to Southwest Michigan and trying to decide between buying in Kalamazoo or Portage?
Yesterday, a move-up family walked into my office after spending the weekend touring homes in both cities. They loved the energy of Kalamazoo’s downtown, but they also loved the quiet neighborhoods and sprawling trail systems in Portage.
They asked me, “Jeremy, the two cities touch borders—does it really make that big of a difference for our monthly mortgage payment and daily life?”