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To qualify, you must be in a situation in which you are looking to buy a manufactured home and the land it occupies.
VA loans. If you’re a veteran or a qualifying active duty member, a VA loan could be right for you. While this may cause difficulty in accessing financing, these are the two lenders that offer conventional loans for mobile and manufactured homes, so it’s worth looking into.
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Similarly, Freddie Mac has loans available with standards not common to all manufactured homes. For example, the home must be on land you own and be a minimum of 12 feet wide. However, a small percentage of mobile or manufactured homes will meet all the particular qualifications needed for this loan. With Fannie Mae’s MH Advantage program, buyers can get a 30-year loan with a 3% down payment. Fannie Mae and Freddie Mac offer mortgages for these homes under certain conditions. Conventional loans usually don’t apply to mobile homes, but there are exceptions. Here are five types of mobile home mortgages:Ĭonventional loans. Each brings its own positives and negatives, and understanding them all will help you decide how you’ll pay for your home. However, you have an array of options to meet your financing needs. Therefore, traditional mortgages aren’t usually an option. In the eyes of lenders, mobile homes are not considered real property.
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Department of Housing and Urban Development (HUD) applied increased safety standards to these homes, thus changing their name from “mobile” to “manufactured.”Īdditionally, while mobile homes are portable after construction, manufactured homes (sometimes called modular homes) are permanent structures that don’t get moved once built. While the prefabricated houses built after June 15, 1976, resemble those from before, the U.S. Any prefabricated home built before June 15, 1976, is a mobile home. Over the years, “mobile home” and “manufactured home” have, for many people, come to mean the same thing. By doing your homework on the lenders available, you’ll save yourself money and make a more educated choice on financing your mobile or manufactured home. The costs associated with getting a loan and the interest rate on the loan vary by lender. Setting money aside for a down payment will reduce your monthly payment and help you qualify with lenders who need a down payment.Ĭompare lenders. Next, you’ll want to look at how lenders stack up with each other. Gather your down payment. A down payment might not be mandatory for the loan you end up receiving, but many lenders look for at least 3% of the loan as the down payment. Use these reports to get an idea of your current credit and how you can improve your score.
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They each track your credit in slightly different ways and give you one free credit report per year.
There are three major credit reporting bureaus: Equifax, Experian and TransUnion. Therefore, building good credit and requesting information from as many lenders as possible is key to obtaining a loan that works best for you. Lenders have a variety of standards for credit scores and credit history. Your credit score will determine whether or not lenders will want to work with you and the interest rates and terms they will offer you on prospective loans. Verify your credit score. The first step in acquiring financing for a mobile or manufactured home is establishing an excellent credit score (ideally, over 720). However, financing these kinds of houses is unlike that of a typical home, and understanding the process will help you decide if this is the path for you. For decades, a mobile or manufactured home has remained a solid, affordable option.Ī mobile or manufactured home offers many of the same comforts and advantages of a traditional house and comes at a lower cost. With the housing market still not showing signs of cooling off, buyers are reviewing their options for finding and financing a home.
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How to Qualify for a Mobile Home Mortgage
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