How to Finance a Manufactured Home
Loans for manufactured homes come from Fannie Mae and Freddie Mac, two agencies that write the rules for conforming mortgages.
FHA loans, plus financing from USDA and VA, are other avenues to finance a manufactured home. A Personal loan is also an option.
Of course, your eligibility as a borrower is the ultimate factor, the type and age of the structure, and whether it’s considered real or personal property. Real Property meaning its affixed to the land, and Personal Property meaning you would only be owning the structure, like manufactured homes In-Park (in most cases). Rules and Restrictions vary by lender.
Usually, to qualify, a manufactured home must be on real property, so on its own lot, built after 1973, and must be a double, or triple wide.
Here’s how to find the best financing for your manufactured house.
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If your mobile home is at least 400 square feet, on an approved foundation and taxed as real property, you can apply for conventional or government-backed mortgages.
Move-able mobile homes can still be financed, just not with home mortgages.
Manufactured home loans for personal property, or homes that are not classified as real estate, are readily available if you have at least five percent down and the home is reasonably new.
Interest rates are higher than mortgage rates because loans for movable property are riskier for lenders. And you usually have to pay some type of HOA dues or space rent along with your monthly payment.
A local company that services Washington and Oregon that has really good reviews is www.mfghomemortgage.com (but they only finance manufactured homes on their own land), and a second one that comes recommended is www.21stmortgage.com.
So be educated about your options if you are positive that a manufactured home is the way you want to go, and If you are hoping to qualify for a traditional loan, I highly recommend Deb McElveny from Summit Mortgage, Angie Stillman and Karen Goodman from Umpqua Bank, and Devon Rowe from Pinnacle Capital Mortgage.