Financing Double Wides on Owned Land
Mobile homes have come a long way over the years, with improvements in security and energy efficiency making them popular choices for homeowners looking for affordable housing. The biggest challenge when purchasing a mobile home is often related to financing, as many lenders do not offer financing for this housing type. Fortunately, eLend provides qualified borrowers with low rate single and double wide home loans.
Aggressive Mortgage Rates for Double Wides
Our mobile home loans are an FHA product, which may be available with a lower down payment and with a lower interest rate when compared to many other alternatives. Only FHA-approved lenders can offer these loans, and eLend is proud to be among them.
Save on Housing Expenses
A double wide manufactured home loan could mean lower down payment requirements, lower monthly mortgage payments and lower closing costs. Mobile homes also tend to be less expensive to maintain, have lower utility costs and often have lower repair costs when compared to stick built homes.
General Information on Double Wide Mobile Homes
A double wide mobile home is a prefabricated home that is typically at least 20 feet wide and no more than 90 feet long. Generally, a double wide is constructed in two separate units within a factory environment. The two units are then hauled to the site and joined together. A double wide home loan is a mortgage program that allows borrowers to finance the purchase of a home of this type as well as the lot it sits on.
Double Wide Qualification Information
Even if you’ve had some credit issues, you may still be eligible for a doublewide financing loan.
In order to be eligible for a double wide home loan through eLEND, several requirements must be met, including:
- The mobile home must be no smaller than 400 square feet
- The home must be constructed after June 15, 1976
- A credit score of 620 or higher is required
- The loan must also cover the land the home sits on
- The home cannot be located in a flood zone or trailer park
- The home must be situated on a permanent foundation
Other requirements may apply. Contact us for details.
Learn More Today
Learn more about manufactured home loans at eLEND.com