General Eligibility Requirements
Buying a home can be an expensive ordeal, but for the right homeowner, a mobile or manufactured home can offer the perks of owning their own space for a much lower cost! Mobile homes are built in different sizes: single-wide, double-wide and triple-wide which we can finance.
- Manufactured home must be considered real property (permanently affixed to the foundation) as of closing
- Manufactured home must have been built on or after June 15, 1976
- Multi-Wide and Single-Wide manufactured homes are permitted
- Condos and PUDs are permitted
- Property CANNOT be located in a mobile home park
- Subordinate financing is NOT permitted
- An appraisal is required on all loans and must be completed on form 1004C. Appraisal waivers are NOT permitted
- - This requirement does not apply to VA IRRRLs or FHA Streamlines
- Homeowner's insurance may be on form HO-7
- Purchases: The manufactured home and land must be purchased simultaneously on ONE purchase agreement. This means the borrower cannot purchase a home for land they already own.
- Refinances: The manufactured home and land must be affixed prior to or at closing and owned by the borrower.
- - FHA/LP/DU: Must own manufactured home and land for at least 12 months prior to loan application date (case number assignment date for FHA)
- - DU ONLY: The above requirement needs to be met on cash-out refinances only
- Conventional: ONLY primary residents and secondary homes
- Conventional: NO variances may be used
- - See LP/DU Variances List - UND for the complete list of variances
- DU Loans: MH Advantage NOT offered
- FHA: the subject property cannot be located in a flood zone. The product will invalidate if fllood zone 'A' or 'V' is indicated for the subject property.
- USDA: Only purchases of new manufactured homes allowed
- - In order to be considered new, the home cannot have a manufactured date greater than 12 months as of the purchase agreement contract
A common criticism of mobile homes is that they don’t increase in value. Or, at the very least, they don’t appreciate at the same rate that a traditional site-built home does. But new data from a government report rejects that common assumption. The Federal Housing Finance Agency (FHFA) published a report that shows that price appreciation of mobile homes may increase at the same rate as site-built homes.