Financing Your Wisconsin Mobile Home
Whether you’re buying a singlewide in Wasau, a doublewide in Kenosha, or anywhere in between, eLEND can offer low rates on FHA-backed mobile home loans in Wisconsin.
Our mobile home loan program is a specialized FHA mortgage designed to finance the purchase of a manufactured home on owned land. The fact that our mobile home loans are backed by the FHA allows us to provide competitively low interest rates on all mobile home mortgages for qualified borrowers – even those with less-than-perfect credit scores.
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What Types of Properties Qualify?
Our mobile home financing program can be used to purchase or refinance a singlewide or doublewide home. There are a multiple requirements that must be met in order to qualify for an FHA mobile home loan from eLEND including (but not limited to):
- The home must be a minimum of 400 square feet.
- The home must have been built after June 15, 1976, and in conformance with the Federal Manufactured Home Construction and Safety Standards. (There will be a certification label indicating this).
- The loan must be cover the manufactured home as well as the property it sits on.
- The home must be on a permanent foundation and cannot be located in a mobile home park.
Wisconsin FHA Loans, Low Money Down WI FHA Financing
Backed by the Federal Housing Administration, FHA loans are popular among first time home buyers and others interested in low down payment loan options. With an FHA loan, buyers can put as little as 3.5% down on a home purchase or borrow up to 97.75% with an FHA refinance.
Thinking about doing some home repairs? We also offer FHA loans that make the purchase and renovation of a home affordable and easy through one mortgage loan or refinance. Whether you’re searching for a low down payment loan for a house just outside Madison or you want to refinance the existing mortgage on your Green Bay condo to something more affordable, a Wisconsin FHA loan could be the solution.
Benefits of FHA Financing
FHA Loan Benefits
- Low down payment requirements.
- Low mortgage rates.
- May be easier to qualify for compared to other loans.
- Available in 30 year and 15 year loan terms.
Types of FHA Loans
FHA Loan Options
- Purchase Loans – Buy a home with as little as 3.5% down. FHA guidelines also allow for the down payment to come from gift funds and for seller-paid closing costs up to 6%.
- Refinance – Rate, Term, Cash-Out and Streamline Refinancing options available, all with affordable FHA terms. Talk to an eLEND mortgage experts for details.
- Mobile Home Loans – eLEND offers a specialty FHA loan specifically designed for the purchase or refinance of mobile and manufactured homes.
- Low Credit Loans – eLEND’s FHA loan for low credit borrowers allows even those with less than perfect credit the opportunity to own a home.
- Multi-Unit Property – In most cases, you can use an FHA mortgage to finance a two-unit property as long as the borrower is using one of the units as his/her primary residence.
- Renovation Loans – eLEND offers a variety of FHA-eligible renovation loan programs to finance a property in need of repairs or renovations.
All programs above are backed by an agency of the U.S. government, meaning they insure the lender against losses should the home go into default or foreclosure. This helps lenders like us provide more favorable terms and lower interest rates to borrowers and creates more home ownership opportunities for people throughout the state of Wisconsin as well as across the U.S.
What is needed to qualify for an FHA loan?
Qualification requirements vary depending on which type of FHA loan you are applying for. However, your loan approval will be based on several factors including:
- Credit score and credit history.
- The amount of income you earn.
- The amount of your other debts.
- How much equity you will have in the property.
- If the home will be used as your primary residence.
- The amount you’re trying to borrow (loan amounts are restricted to the FHA loan limits which vary by county and are based on the cost of real estate in that area).
Call Today for a Personalized Rate Quote
To learn more about Wisconsin mobile home financing from eLEND, speak with one of our lending experts by calling 800-634-8616 or get started by filling out our online application.