Today, manufactured home loans are primarily for owner occupied homes. At least, that applies for the best rates obtained through FHA financing, VA, and Conventional.
There are equity lenders (Hard Money Lenders) that will loan on manufactured homes, and they prefer to only loan on non-owner-occupied homes. However their interest rates and loan fees are very high, and are generally used for short-term financing for 2 or 5 years.
FHA has the most lenient credit rules, and the lowest down payment of 3.5% of the purchase price.
VA has zero down loans, plus the seller has to pay some of the fees that would normally be higher fees.
Conventional loans are available for manufactured homes, and are generally used when the borrower has 20% to put down, because there is no mortgage insurance premium that way.
There are cash out refinances, as well as rate and term refinances, designed to lower your payment, for manufactured homes, offered by all of the traditional lending programs.
FHA only loans on owner-occupied properties of 1 to 4 units, with the borrower living in one of the units.
FHA does not offer financing for investment properties.
FHA will finance 2nd homes. There are qualifications as to what a 2nd home is.
At this time conventional lending will not loan on investment properties for manufactured homes either. Like FHA, they will loan on 2nd homes.
Please call me to talk about the type and age of the manufactured home you’re interested in buying or refinancing. I’ve never had alone refused because of the brand name of the manufactured home. The loan guidelines address the age and size of the home.
Just like regular housing, the manufactured home has to be in good repair and no health or safety issues. If the appraisal discovers health and safety issues, those repairs have to be made before the loan closes. Normally it’s a seller cost.
Please call to discuss your manufactured or mobile home loan needs.