Loans for a manufactured home can provide the financing that you need. Whether you’re buying a single-wide or a double-wide manufactured home, there’re several attractive options available. Selecting the right mortgage solution could enable you to obtain financing for a manufactured home with a low credit score.
About Manufactured Homes
Unlike a traditional home, which is built on-site, manufactured homes are fabricated within a factory and shipped to your home site.
The U.S. Department of Housing and Urban Development enforces the Manufactured Home Construction and Safety Standards.
The standards apply to the construction, design, electrical, plumbing and other components for manufactured dwellings.
Manufactured homes are available throughout the United States. In fact, millions of homeowners have purchased this property type. You’ll find plenty of manufactured homes in southern states such as Texas, Florida and Louisiana.
According to a recent report from Statista, there were more than 137,000 manufactured homes in just the state of Texas.
Florida and Louisiana were next on the list with 50,761 units and 46,381 units, respectively.
Michigan was within the top 7 states for the number of manufactured homes with 28,004 units reported in 2021.
Manufactured Home Loans
You might wonder if there’s affordable financing for manufactured homes.
Perhaps, you’ve heard that traditional lenders are reluctant to lend money toward purchase or refinance transactions for manufactured homes.
So, will you need to fully complete your purchase with cash or a personal loan?
There’s some good news!
They’re a variety of home loans for manufactured homes.
You might be able to secure a mortgage loan approval with a low credit score.
Certain conditions will be reviewed before a lender provides financing for a manufactured home.
• Land ownership (owned, planning to buy or rent)
• Property age (new or existing)
• Property size
• Loan application
• Signed disclosures
• Income documents
• Credit report
• Bank statements
Apply for a Mortgage Loan
You’ve imagined living in a manufactured home.
Now is a great time to apply for a mortgage loan to determine your next steps.
A loan officer can review your qualifications and discuss the process for financing a manufactured home.
You might be able to qualify for a government-backed Title I loan or a Title II loan via the Federal Housing Administration, a VA loan or a conventional loan from Fannie Mae or Freddie Mac.
Each lending agency has different requirements.
Working with a knowledgeable mortgage professional can help you avoid a variety of pitfalls along your home buying journey.
ASJ Mortgage Solutions helps buyers with low credit scores in Arizona, Indiana and Michigan obtain loans for manufactured homes.
Contact ASJ Mortgage Solutions today for more details.