Mobile Home and Manufactured Home Loans

Purchase:

• Single-wide and double-wide
• Must be anchored to the ground
• 500-579 credit score requires 10% down payment
• 580 credit score or higher requires 3.5% down payment
• Gift funds allowed
• Seller concession allowed

Refinance:

• Single-wide and double-wide
• Minimum credit score required
• Up to 97% LTV (loan-to-value) for rate/term
• Up to 80% LTV for cash-out
• No late payments in the last 12 months for cash-out

Types of Mobile Home Loans

Mobile home loans are tailored to the unique characteristics of these homes. There are various loan options, including chattel loans and FHA loans. Each has its own requirements and advantages.

Down Payments

Understanding the down payment requirements for mobile homes is crucial. In many cases, down payments can be lower than those for traditional homes, making mobile homes an affordable choice.

Interest Rates

Interest rates for mobile home loans can vary based on specific factors like credit score, down payment, loan terms, location, loan amount, Debt-To-Income (DTI) ratio, etc.

Mobile Home and Manufactured Home Loans Foundation Requirements

Manufactured homes typically require a permanent foundation. Be prepared for the foundation and installation costs in addition to the home’s purchase price.

FHA loans can be an excellent option for financing manufactured homes. They offer competitive rates and lower down payment requirements. Your credit score plays a significant role in securing a manufactured home loan. A higher credit score can result in better loan terms and lower interest rates.

Eligibility:

• Single-wide or double-wide
• Must be anchored to the ground
• Must meet HUD requirements

At Mortgage-World.com, we accept credit scores down to 500!