Mortgages for Manufactured Homes
Many lenders are not friendly to manufactured homes, but you are in luck, because we are! Here are your options:
Go FHA and put as little as 3.5% down, or go Conventional and put as little as 3% down.
- To be financeable, manufactured homes generally need to be built on or after June 15, 1976 (due to HUD standards), only have been moved one time from the factory to the current lot, and be affixed on a permanent foundation.
- FHA has the most relaxed standards and allows you to finance single, double, or triple wide homes.
- Must be on owned land. If on leased land in a park, that is considered a "chattel" (or personal property) loan and would be something you might go to your local bank for instead.
- Conventional and FHA loans are not very supportive of using manufactured homes as investments. A strategy could be to buy one, live in it for a year to meet occupancy requirements, then rent it out and buy another house.
- 15, 20, or 30 year fixed mortgages are an option.
- Programs are available for ITIN borrowers!
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