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When it comes to financing factory-built homes, it’s important to know the distinctions between mobile homes, manufactured homes, and modular homes. Lenders may have different requirements for each type, making it essential to understand what kind of home you’re dealing with upfront so our team can best assist you.
Manufactured homes, built after June 15, 1976, meet the safety standards set by the U.S. Department of Housing and Urban Development (HUD) and are considered “HUD-Approved”. They are subject to HUD regulations and offer a reliable housing option.
Mobile homes are generally homes built before the implementation of HUD standards in 1976. While the terms “mobile homes” and “manufactured homes” are sometimes used interchangeably, there are technical distinctions between them.
Modular homes are constructed according to state-specific IRC codes. They offer flexibility and can be built either as “on-frame” or “off-frame” structures, falling into the category of prefabricated homes. For lending purposes these homes are considered single family residences.
When it comes to financing your home, it’s important to consider the type and location of your property, as they significantly impact the loan options available to you. Here are some key factors to keep in mind.
When purchasing or refinancing a manufactured home in a park, community, or on leased land, it’s important to note that these homes are classified as personal property. In such cases, obtaining a specialized home-only or chattel loan is typically necessary. These loan options are specifically designed to accommodate manufactured homes and their personal property classification.
If you’re planning to build a new manufactured home or purchase an existing one on land that is connected to the home, a traditional mortgage product is usually the preferred choice. This type of loan provides financing for the home and the land it sits on and are recognized as real property.
If your intention is to invest in a manufactured home for rental purposes or other investment ventures, a portfolio loan tailored to investment properties may be more suitable. These loans cater to the unique needs of real estate investors and are an excellent alternative financing solution.
Our goal is to provide you with valuable educational resources to help you make informed decisions. Contact us today for further information and guidance regarding these loan types and their requirements. Our knowledgeable loan experts are available to assist you!
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When you’re seeking a loan solely for a manufactured home, typically placed in a community, consider the option of a home only or chattel loans. These loans are designed specifically for homes located in parks or communities, as well as on other private land. Keep in mind important factors such as the rental pricing for the location where you plan to place your manufactured home.
With land and home loans, you have both the land and the manufactured or mobile home in your possession. At ManufacturedHomeLoans.com, we offer a range of options tailored to this specific situation. Whether you’re looking for conventional, FHA, VA, or other financing options for existing homes, our expertise is here to assist you. Our loan programs are available for doublewide pre-HUD homes on real property, and we even accommodate investment properties or homes that have been relocated (twice moved) in the past.
For those embarking on the exciting journey of building a new home, a new construction loan can provide the necessary short-term financial support throughout the construction process. This type of loan ensures that both the borrower and the lender are protected from unexpected obstacles that may arise during construction. Once the construction is complete and a Certificate of Occupancy (CO) is issued, borrowers can transition to a permanent mortgage for the property. Our loan options include conventional, FHA, USDA and VA loans, accommodating various home types such as manufactured, modular, and site-built homes. We also provide financing for unique property types like barndominiums and support spec homes for builders or retailers. Additionally, our loans cater to new construction investors who require Debt Service Coverage Ratio (DSCR) options.
At ManufacturedHomeLoans.com, we offer a wide range of loan options beyond home only, land and home, and new construction loans. Our specialized lending programs cater to diverse needs, including home improvements, debt consolidation, refinancing, and investment properties. No matter your specific requirements, our dedicated team is ready to guide and support you in finding the ideal loan that fits your needs within the factory-built housing sector.
Ready to explore your loan options? Contact our team for guidance and support.