Today’s manufactured homes are a far cry from the old single wides of the 1960s-70s. Manufactured homes today offer a wide variety of features and typically cost less than a stick built home. Manufactured homes today have a much higher standard. Today’s manufactured homes are very energy efficient. They can be financed with FHA, Conventional, as well as with a VA home loan.
Before You Start to Look for a Manufactured Home
Before you start to look for any home, you should always speak to a lender and get pre-qualified. Manufactured home loans are a little bit harder to come by because only a few lenders have products for them. Guild Mortgage Company is one lender that will.
Things to Expect When Buying a Manufactured Home
Now that you have your financing in place, there are a few items that may be required along the way; such as a clear termite report, a septic certification (if it is on a septic system), a well certification (if it is on a well) – and some lenders or programs may have restrictions on how many homes can be connected to a well – and a private road maintenance agreement (if on a non-maintained county road or easement. Each lender or program may have these restrictions, as well as others. So it is very important to not only find a good lender that has done quite a few manufactured home loans, but to communicate with them about all of these little particulars.
Manufacture Home Loan Features
Financing available using FHA, VA and Conventional loan financing
Financing available up to 100% using VA financing
Minimum FICO is 620 (Conventional) 540 FHA & VA. **See FHA restrictions below.
Purchase or rate & term refinance transactions only
**Credit scores for FHA loans from 540-579 have a maximum loan-to-value of 90%
All loans are subject to underwriter final approval, terms and conditions may apply. Subject to change without notice. Always consult an Accountant or Tax Advisor for full eligibility requirements on tax deductions.
Call Today: 520-303-5620
If you have any questions on manufactured home financing, then please give us a call. My team and I are here to help you.
Joseph Small and his Team at Patriot Pacific Financial Corp. helps Arizona Homeowners and Buyers with all their Manufactured home mortgage loan needs. From VA to FHA to Conventional loans on Manufactured homes, we are here to help.