Financing a Manufactured Home

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Financing a Manufactured Home

Posted by Home Quest on June 25, 2024
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Since June is National Homeownership Month, we’re exploring another key component of getting into homeownership: financing your manufactured home.

As an industry leader for more than 25 years, HomeQuest takes immense pride in guiding its clients through the homebuying process and connecting them with trusted lenders. These experienced lenders partner with homebuyers to provide premier customer service to ensure a seamless financing and homebuying experience.

If purchasing a resale or new manufactured home is on your list of goals, here are a few things we recommend you know before completing a loan application.

Borrowers should have:

  • Sufficient cash to make the minimum required down payment
  • Proof of income to make the loan payments and meet other living expenses
  • Qualifying credit score and history
  • A property where the manufactured home will be placed. This could be a rented lot in a manufactured home community – if the community and lease agreement meet FHA guidelines – or a private property owned or leased by the borrower.

FHA requirements also include that the borrower must occupy the manufactured home as their primary residence. For loan approval, most lenders also require that a manufactured home:

  • Meet the Model Manufactured Home Installation Standards.
  • Carry a one-year manufacturer’s warranty if the unit is new.
  • Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

Manufactured home loan interest rates are fixed for the entire term of the loan, which is typically 20 years. Longer terms are available for loans covering a lot and multi-section manufactured homes. When borrowing for a home that will be on a leased lot, HUD requires the lessor to provide the homeowner with an initial lease term of three years, and advance written notice of at least 180 days if the lease is to be terminated. This is to protect homeowners in case the park is sold.

This is just a general overview of some of the requirements for financing a manufactured home. At HomeQuest, home buying and lending specialists are always happy to answer any questions prospective buyers may have and help walk them through the process, or we recommend contacting Triad Financial Services or 21st Mortgage to start the process.

HomeQuest is one of the largest manufactured home retailers in the Western U.S. Let us help you purchase or sell a mobile or manufactured home, by calling us at (866) 720-2207.

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