Manufactured homes are prefabricated, or built in a factory offsite, and then transported to a home site. Manufactured homes can be single sections, often referred to as a single wide mobile home, or in multiple sections which are joined on site. These may be double wide or triple wide mobile homes.
In order to be eligible for a loan to purchase a manufactured unit, both the borrower and the property must meet specific requirements. For example, the borrower must qualify based on income and credit requirements, and the home must:
- Be no smaller than 400 square feet.
- Have been constructed after June 15, 1976.
- Not be located in a flood zone or trailer park.
- Be situated on a permanent foundation.
In addition, the loan must also cover the land the home sits on.
Some of the benefits provided by the specialty FHA-mortgage available through eLEND for financing the purchase or refinance of a manufactured home include:
- Affordable Mortgage RatesFHA loans tend to have highly competitive pricing, making them extremely popular among borrowers for a wide variety of property types.
- Low Downpayment RequirementBorrowers who qualify may be able to put as little as 3.5% down when purchasing a manufactured home.
- Some Credit Issues OKEven borrowers with less than perfect credit may be pleasantly surprised to learn that they qualify for a manufactured home loan from eLEND.
To learn how much you might be able to borrow towards the purchase of a mobile home, Request a Quote .
Or, if you have questions about mobile home loan requirements, feel free to contact one of our mortgage experts by giving us a call.