Manufactured Home Loans
Manufactured Home Loans SPECIALIST FLORIDA & ALABAMA 21 YRS EXP
Let our 21 years Experience in FHA Manufactured Home Loans, VA Manufactured Home Loans or USDA Manufactured Home Loans and Conventional Manufactured Home Loans Help you. Experience counts. When you need it done call us.
Manufactured home loans are more in-depth and must meet certain criteria. From the age, to being set once, to what kind of foundation it has. Has it been added onto? Are there decks attached to the house itself? Has the titles been retired? These are all things that must be addressed to get a loan. Having a Manufactured home specialist is critical to close these Home Loans. Blissful Mortgage is a Mortgage Loan Specialist let us help you today. APPLY today or give us call today (855)-ATBLISS.
## First Things To Check
Tax assessor – check to see if land went from Vacant to improve the same year as home’s year built?
Confirmation that home was moved brand new from Dealer to current land is required – used homes are not eligible for financing if moved more than the very 1st time.
- HUD TAGS/Data Plate
- Locate HUD data plate – 8 ½ X 11 paper with 3 maps of the United States with MH zoning and year, make and model listed. If this is not present on the home, must order replacement from IBTS.ORG
- HUD tag – Metal plate approximately 3”X4” on outside of MH – if this is not able to be located, must order replacement from IBTS.ORG
## Flood Zones / Structural Engineer’s Certificate
Special restrictions placed on Manufactured homes in flood zones, please investigate and notify loan officer ASAP if home is in a Flood Zone.
Structural Engineer’s Certificate
- Required for approval – must be passing and considered Compliant of PFGMH guidelines of 1996. Can be ordered from www.haymanengineering.com.
## Well/Septic
- Drain fields for well/septic – make sure land survey proves distances between well, septic and drain fields due to minimum distances required for financing eligibility.
Manufactured Home Loans / Loan Types
USDA Manufactured Home Loans
USDA MANUFACTURED HOME LOANS 2025 NEW GUIDLINES
USDA Manufactured Home loan offers 100% financing for Manufactured Homes. New ruling as of Jan 3rd, 2025 Manufactured Homes no longer have to be one year old or less. New ruling effective date March 4th, 2025 states USDA will guarantee USDA Manufactured Home Loan with a home Manufactered date within 20 years of loan.
1. Existing unit that has never been previously installed on a different homesite.
2. Does not have a floor area of not less than 400 square feet.
3. Never had any alterations or modifications since construction in the factory, except for porches, decks or other structures which were built to engineered designs or were approved and inspected by local code officials
4. Unit was installed on a permanent foundation in accordance with the manufacturer’s requirements and HUD installation standards. Guidelines are presently published in the “Permanent Foundation Guide for Manufactured Housing which is found at http://www.huduser.org/portal/publications/destech/permfound.html. Certification of a proper foundation is required.
5. Must have a manufacture date that is within 20 years from the date of loan closing and meets or exceeds the Federal Manufactured Home Construction and Safety Standard (FMHCSS) as evidenced by both an affixed HUD Loan Restrictions Certification label and HUD Data Plate. The manufacture date can be found on the data plate located inside the home.
The bottom line on using a USDA manufactured home loan with a USDA loan.
USDA offers USDA Manufactured Home Loan for eligible homebuyers. This is a great, affordable way to purchase a property. Whether you’re in the market for a manufactured home, a traditional house, or another type of home, it’s best to connect with a lender early on to learn about your loan options and which is best for your goals.
CONVENTIONAL Manufactured Home Loans Eligibility Requirements
A manufactured home must meet the following criteria to be eligible for a conventional loan offered by Fannie Mae or Freddie Mac.
It must be permanently attached to a foundation with tow hitch, wheels, and axles removed
The vehicle title is eliminated and is classified as real estate
It must have been built on or after June 15, 1976
The home is at least 12 feet wide and 400 square feet (600 square feet for Freddie Mac)
A HUD Data Plate and HUD Certification Label are attached to the home (more about this below)
The home was never previously installed at another location
The borrower owns the land on which the manufactured home sits unless in a condo project. Leased land is not allowed
The home is connected to utilities and located on a publicly or privately maintained street
There is no accessory dwelling unit (ADU) on the property
Incomplete additions or renovations are not allowed; completed renovations must meet local code and may require an inspection
Single-wide homes are often eligible under stricter requirements.
Conventional Manufactured Homes Loans Requirements
Conventional Manufactured homes are generally more difficult to finance than site-built homes. Lenders view these structures are riskier, since they are harder to sell on the open market and can depreciate over time.
Following are Conventional Manufactured Home loan requirements for manufactured homes.
Primary residence (second homes and investment properties are allowed with larger down payments)
5% down in most cases
Minimum credit score of 620
Conventional Manufactured Home loan Mortgage insurance required for down payments of less than 20%
30-year fixed rate.
Mortgage rates can be slightly higher.
FHA Manufactured Home Loans
- FHA Manufactured Home Loan Terms:
- For a FHA Manufactured Home classified as real property (permanently affixed to the land), the maximum loan term is 30 years..
- For FHA Manufactured Home Loan Home and lot, the maximum term is 30 years.
- Property Requirements:
- The home must be built after June 15, 1976.
- It must comply with the Federal Manufactured Home Construction and Safety Standards (HUD Code).
- The home must be classified as real property, meaning it’s permanently affixed to a foundation.
- Foundation Requirements:
- The home must be attached to a permanent foundation that meets FHA criteria.
- The foundation must be appropriate for the site conditions and meet local building codes.
- Site Requirements:
- The site must have adequate water supply and sewage disposal facilities.
- It must meet all local zoning and land use requirements.
- Home Size:
- The manufactured home must be at least 400 square feet
FHA Manufactured Home Loans Benefits 30-Year
Opting for a 30-year FHA Manufactured Home Loan can offer several advantages:
- Lower Monthly Payments: The 30-year term spreads the loan over a longer period, resulting in lower monthly payments compared to shorter-term loans.
- Easier Qualification: FHA loans generally have more lenient credit requirements compared to conventional loans.
- Lower Down Payment: FHA loans allow for down payments as low as 3.5% for qualified buyers.
- Competitive Interest Rates: FHA Maunufactured Home loans often offer competitive interest rates, which can be especially beneficial over a 30-year term.
VA Manufactured Home Loan Requirements
- Permanent foundation: VA Manufactured Home Loan requires the home to be attached to a permanent foundation. It may be possible to get a loan when the property is not permanently attached, but the lender has to get approval from the VA.
- Property classification: For a VA Manufactured Home Loan the home has to be classified as real property titled with the land. An exception may be provided if the lender gets approval.
- Construction standards: The property has to have a HUD tag. This certifies that it’s been inspected and meets the construction standards legally mandated for manufactured homes.
- VA Manufactured Home Loan minimum property requirements: Manufactured homes are subject to the usual VA minimum property requirements regarding sanitation, safety and structural integrity. If the home isn’t move-in ready, repairs will be required.
- Space: If it’s a single-wide home, it has to be at least 400 square feet. Double-wides must have a minimum of 700 square feet of floor space.
VA Manufactured Loans Borrower Requirements
- Certificate of Eligibility: A VA Certificate of Eligibility (COE) certifies that you’re eligible to get a VA loan based on your service time. Minimum service requirements may be waived if you’re applying as an eligible surviving spouse or receiving VA disability.
- Credit score: Unlike most mortgage loans, the VA doesn’t impose a minimum credit score However, lenders may set their own standards.
- Down payment: There’s typically no down payment required to get a VA loan. The exception to this is if a client has impacted entitlement, meaning they had another loan that was defaulted on or they’re in the process of paying off an existing VA loan.
- Debt-to-income ratio (DTI): DTI is the amount of your pretax monthly income that goes toward debt payments. Ideally, the VA likes to see that your minimum monthly debt payments encompass no more than 41% of your gross monthly income. It can be higher if the lender can show that you have residual income or other compensating factors.
- VA funding fee: Most people who get a VA Manufactured Home loan are required to pay a VA funding fee that’s between 1.25% – 3.3% of the loan amount depending on your down payment (if any) and whether it’s your first or subsequent use of a VA loan. The exceptions include being an eligible surviving spouse, receiving VA disability or returning to active duty after being awarded a Purple Heart.
INVESTMENT MANUFACTERED HOMES
There are no Investmnet loans on Manufactured Homes.
What is the HUD Data Plate and HUD Certification Label?
The HUD data plate and HUD certification label are important pieces of the manufactured home loan approval. Without them, the loan can’t be approved.
HUD data plate: A paper document that details manufacturer information such as the model number, factory-installed equipment, and more. This can be found in the interior of the home, typically in a utility closet or other indiscrete area.
HUD certification label: A metal tag on the exterior of the home verifying the structure was built to HUD standards.
FLORIDA MORTGAGE BROKER/LENDER SPECIALIST. MANUFACTURED HOME LOANS SERVICE SPECIALIZED LOCATIONS
FLORIDA MANUFACTURED HOME LOANS specializing in the these ares. Panama City Beach, Panama City, Pensacola, Milton, Gulf Breeze, Navarre Beach, Perdido Key, Fort Walton Beach, Defuniak Springs, Destin, Niceville, Miramar Beach, Vernon, Chipley, Santa Rosa Beach, 30A, Mexico Beach, Marianna, Tallahassee, Port St Joe, Perry, Live Oak, Lake City, Jacksonville, St Augustine, Starke, Gainesville, Crystal River, Homosassa, Palatka, Palm Coast, Ormond Beach, Daytona Beach, Ocala, Inverness, Deland, Port Orange, Leesburg, Spring Hill, Orlando, Deltona, Dade City, Kissimmee, Titusville, The Villages, Clearwater, Lakeland, Haines City, Winter Haven, Melbourne, Palm Bay, St Petersburg, Tampa, Bartow, Bradenton, Sarasota, Vero Beach, Ft Pierce, Port St Lucie, Cape Coral, Ft Myers, Jupiter, Palm Beach Gardens, Wellington, Delray Beach, Boca Raton, Coral Springs, Pompano Beach, Ft Lauderdale, Hollywood, Miami, Naples, Marco Island, Key Largo, Islamorada, Marathon, Big Pine Key, Key West, Port Charlotte, Punta Gorda, Northpoint, Plant City, Lehigh Acres, Florida. MANUFACTURED HOME LOANS for the whole state of FLORIDA.
ALABAMA MORTGAGE BROKER/LENDER SPECIALIST. MANUFACTURED HOME LOANS SERVICE SPECIALIZED LOCATIONS
ALABAMA MANUFACTURED HOME LOANS Baldwin Co Gulf Shores AL, Orange Beach AL, Foley AL, Fort Morgan AL, Plus Dauphin Island AL Fairhope AL, Daphne AL and Spanish Fort AL. Houston Co Dothan AL. Montgomery Co Montgomery AL Lee Co Auburn AL. Clanton Co Clanton AL. Shelby Co Alabaster AL. Autauga and Elmore Co Prattville AL Jefferson and St Clair Co Birmingham AL, Trussville AL. Lee Co and Russell Co Phenix City AL Columbus AL. Tuscaloosa Co Tuscaloosa AL Madison Co Huntsville AL Morgan Co Decatur AL Marshall Co Guntersville AL, Harestelle AL, Center AL, Homewood Al, Alexander City AL, Dadeville AL, Hoover AL, Athens AL, Wetumpka AL, Vestavia AL, Pell City AL, Vestavia Hills AL. MANUFACTURED HOME LOANS for the whole state of ALABAMA.
MANUFACTERED HOME LOANS ALABAMA COUNTIES
MANUFACTURED HOME LOANS ALABAMA COUNTIES Autauga County, Baldwin County, Barbour County, Bibb County, Blount County, Bullock County, Butler County, Calhoun County, Chambers County, Cherokee County, Chilton County, Choctaw County, Clarke County, Clay County, Cleburne County, Coffee County, Colbert County, Conecuh County, Coosa County, Covington County, Crenshaw County, Cullman County, Dale County, Dallas County, DeKalb County, Elmore County, Escambia County, Etowah County, Fayette County, Franklin County, Geneva County, Greene County, Hale County, Henry County, Houston County, Jackson County, Jefferson County, Lamar County, Lauderdale County, Lawrence County, Lee County, Limestone County, Lowndes County, Macon County, Madison County, Marengo County, Marion County, Marshall County, Mobile County, Monroe County, Montgomery County, Morgan County, Perry County, Pickens County, Pike County, Randolph County, Russell County, Shelby County, St. Clair County, Sumter County, Talladega County, Tallapoosa County, Tuscaloosa County, Walker County, Washington County, Wilcox County, Winston County. MANUFACTURED HOME LOANS