What is a Manufactured Home Loan?

Manufactured home loans are designed for factory-made homes built on a permanent chassis, and generally come in single or two-section units. This option offers various types of loans for homebuyers: FHA, VA, and conventional loans.

What Are the Advantages of a Manufactured Home Loan?

They may be small homes, but don’t be fooled – they come with big benefits. If you’re considering a ditech manufactured home loan, these are some of the advantages:

  • Manufactured home loan rates are affordable
  • You can choose between a conventional, FHA, or VA loan
  • Down payment options as low as 3.5% for FHA and 5% for conventional
  • Manufactured homes are environmentally friendly

The Requirements of a Manufactured Home Loan

To find out if a property qualifies for a manufactured home loan, it makes sense to seek the advice from a lender, like us. But here are some general guidelines:

  • The home was built on or after June 15, 1976
  • Has no wheels and is designed as a single-family dwelling
  • Has a minimum of 400 sq. ft. for an FHA mortgage
  • Has a minimum of 600 sq. ft. for a conventional loan
  • Is permanently affixed to the property site for more than 12 months
  • You have a credit score of at least 580 for an FHA or 620 for a conventional
    (Other restrictions may apply, depending upon product and State.)

If you like small home living, or If you’re a renter and want to take the first step to homeownership, a manufactured home loan could be right up your alley.

A Home Loan Specialist can give you more information on manufactured home loan rates and whether this loan is the right option for you.