Manufactured Home Loan FAQ’s
Manufactured Home Loans and Modular available for Section 184 Home Loans, VA Loans, USDA, FHA Loans and Conventional. There is no reason to pay high dealer interest rate. We have the programs available to put you into an affordable interest rate loan. We service Manufacture Home Loans for Oklahoma, Kansas, Florida, California, Oregon, Washington, Colorado and New Mexico.
Wonder if you can refinance into one of these questions. Yes. As long as your home is on a permeant foundation. No Chattel Loans, must be with land.
Manufactured Vs Site Built
A manufactured home is built on a chassis offsite and transported to the location.
The manufactured home must be built in compliance with the applicable HUD Codes.
The chassis with hitch, wheels and axles must be removed once at the home’s permanent location.
Prior to the delivery of the home, the site will be prepped including the foundation and connections to all utilities.
The home is then affixed to the permanent foundation.
Purchase price may include bona fide and documented site preparation and dwelling installation at site.
Newly built homes attached to permanent foundation at time of application include:
Sales price of manufactured home and Land
Purchased greater than 12 months, the appraised value
Purchased less than 12 months, lowest transfer price
Fannie/Freddie Purchase LTV Calculation
Manufacture Refinance Rate/term:
Owned home and land for more than 12 months= current appraised value
Owned home and Land; land for less than 12 months AND secured by separate liens, use the lower of:
Current appraised value of home & land –OR-Lowest sales price of home in past 12 months AND the lower of the appraised value of the land OR the lowest sales price of the land in the past 12 months
Fannie/Freddie Refinance Calculations
Stick built, aka site built- property is built from the ground up in accordance to all local and state codes.
Modular is a dwelling that is built in a factory, then joined together at the site on a permanent foundation in accordance to all local and state codes.
Modular homes are built to IRC code (International Residential Code)
Built in sections and put together at the property site. There is no chassis.
Stick Built, Modular and Pre-Fab are acceptable as “single family”, with no unique requirements.