Finding mortgage companies that will finance single wide manufactured homes can be quite an undertaking. A credit score of 620 or higher is required.
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Engineering report for foundation not required.
Single wide mobile home financing. Many towns don t allow single wide mobile homes in their. Shopping for single wide mobile home financing. The mobile home must be no smaller than 400 square feet.
Fha insures the lender against loss if the borrower defaults. The number of lenders that offer double wide financing solutions far surpass those who will lend on single wide trailers. The loan must also cover the land the home sits on.
You may be able to get a chattel loan if. Single wide homes are slightly under 15 feet wide and double wide homes are double that width. The home must be constructed after june 15 1976.
There are multiple variables which also impact whether or not a lender will consider a property such as its age size foundation and whether or not the unit sits on owned or leased land such as you would typically find. Here are some of freddie mac s manufactured home loan highlights. Buy a mobile home even if it doesn t conform to traditional mortgage standards like being more than 400 square feet or it was built before 1976.
Modular home prefabricated home prefab home mobile home etc. Both are usually about 70 feet long. Single wide homes qualify only if they re in a planned unit development.
The costs for manufactured homes varies greatly depending whether it s a single wide about 54 000 for a new one double wide about 104 000 new or triple wide 150 000 and up. Fixed rate mortgages available. Maximum loan amounts are up to 50 000 but can be.
This loan resembles an auto loan in that the home serves as collateral for the loan. Known by several names. Maximum loan terms of 20 years and 23 days for a single wide manufactured home and 23 years and 32 days for a double wide model.
A manufactured house and lot have a maximum loan term of 25 years and 32 days. A chattel loan offers an in between option for mobile home financing. Homes built before 1976 are not eligible.
A review of the potential borrower s employment history credit history assets and income. You must own the land the home sits on and it must be taxed as real property. Homes moved more than once are eligible.
Compared to traditional homes they are decidedly less expensive. In order to be eligible for single wide financing through elend several requirements must be met such as. Financing manufactured mobile homes under the title i program fha approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a manufactured home and or lot.
Pre hud built before june 1976 homes eligible. Financing available for single wide double wide or triple wide homes. The home must have a hud certification label and it must be built on a permanent chassis.
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