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Manufactured Homes can be an Affordable Option in a Hot Market

June 11, 2019 at 8:29 AM

In hot real estate markets, it can be frustrating to get a foot in the door of home ownership.  Manufactured homes are becoming more and more popular as an affordable option but have traditionally been difficult to finance.  Our Manufactured Select program seeks to change that and has been designed specifically to give home buyers more options for affordable housing.

Manufactured housing is considered real property and can be financed with a mortgage if it meets some specific criteria. 

  • Property must be a minimum of 600 square feetshutterstock_1066787789
  • Property must be a minimum of 12 feet wide
  • Property must be on an approved foundation
  • Property must be taxed as real property

If you are paying fees to the DMV, or if the property is still on wheels it will be considered a vehicle, not a home. 

With Fannie and Freddie “conventional” loans, you can put as little as five percent down.  The rates can be slightly higher than those on traditional “stick-built” homes but there are programs available for both primary homes as well as vacation and second homes. 

FHA loans work just like mortgages on traditional homes, with a minimum down payment of 3.5%. The difference here is that FHA requires the home to have been built no earlier than June 15, 1976, and it cannot be located in a flood zone.  Additionally, an FHA loan can only be offered on a primary residence.

VA loans allow for 100% financing of primary residences and FICO scores can be as low as 580.  This is a huge advantage for those who qualify for this benefit – be sure to ask your loan officer for more details.

Manufactured Select is opening doors for many buyers priced out of expensive markets – and allowing for those buyers to get a foot in the door.  It’s easier than ever to get conventional, FHA and VA financing – a vast improvement from the days where one historically had to get a personal loan, pay cash, or even use credit cards to finance a manufactured home.

Talk to us today about how Manufactured Select can help you get the home – or vacation home – of your dreams!

 

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American Pacific Mortgage

American Pacific Mortgage

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