June 28th, 2022 12:29 PM by Holly Ecimovic
Manufactured Homes
Are you looking to finance a manufactured home? Whether you're considering purchasing an existing manufactured home or a new one, manufactured homes are an excellent option for many homebuyers.
What to Expect
Often, manufactured homes provide more square footage and amenities than a home of similar size, frame, or block home that costs less. Read on for more details on what you need to know when considering a manufactured home.
Buyers should know that unless they are paying with cash, lenders and loan programs view manufactured homes differently than they do a frame or block home. Lenders require the home to meet different standards and guidelines.
Fast Facts
If you're looking to finance a manufactured home, you don’t want to waste time and money only to be denied for the home loan over something that could have been found in the beginning. Reach out to our team here at Contemporary Mortgage Services, Inc. and we can help you throughout your home loan process! 407-834-3377.
The term 'manufactured home' is synonymous with 'mobile home'. Both identify a home that had wheels and axles welded to the frame so it could be transported to the home site to be installed.
Loan Programs
For standard Conventional, FHA, & VA financing, the home has to have been built in 1976 or after. USDA will only finance the home if it’s brand new, never lived in, and less than 12 months old.
Make sure to mention to your lender whether it’s a singlewide, doublewide, or larger, as it is very difficult to finance a singlewide home.
Give us a call to learn more about the list of requirements a manufactured home has to meet. You can reach our office at 407-834-3377.
Be sure to check out our website to fill out a home loan application today: ContemporaryMortgage.com