Manufactured Home Loans
Loans For Manufactured Homes
Manufactured home loans are a mortgage product used to purchase a manufactured or pre-built home that is made in a factory and installed on a piece of land. There are a number of lending solutions, but requirements vary depending on the lender and circumstances.
WHY A MANUFACTURED HOME?
Manufactured homes are less costly to build, and are easier to customize. They can use more sustainable materials and have a lower carbon footprint compared to other construction methods.
You aren’t limited to the available supply of housing in your area or styles of construction, and can choose the lot you want it to sit on.
Manufactured homes of today are also far more energy-efficient compared to previous eras, so monthly running costs can be more affordable than other types of housing.
Why A Manufactured Home?
Manufactured homes are less costly to build, and are easier to customize. They can use more sustainable materials and have a lower carbon footprint compared to other construction methods.
You aren’t limited to the available supply of housing in your area or styles of construction, and can choose the lot you want it to sit on.
Manufactured homes of today are also far more energy-efficient compared to previous eras, so monthly running costs can be more affordable than other types of housing.
Manufactured Home Loan Requirements
Exact requirements depend on the lender or federal agency backing the loan. Be sure to get an estimate for the most accurate picture of requirements and costs.
In almost all cases, the home cannot be on wheels nor require annual DMV fees to qualify for a mortgage. A “mobile home” of that type is considered a vehicle.
Some lenders won’t lend money for the purchase or rent of the land the manufactured home will sit on, or allow the home to be moved.
Some lenders impose a maximum loan amount on manufactured homes. For instance, FHA loans prohibit purchasing a manufactured home costing $100,000 or more. Make sure to get estimates so you can find the right manufactured home loan to match your circumstances.