You can borrow a manufactured home loan under the Fannie Mae MH Advantage program, as long as the title includes both the home and the land it’s on.
It must also qualify as real property.
Thirty-year fixed-rate mortgages are available, as well as 7/1 and 10/1 adjustable-rate loans.
The down payment can be as low as 3%.
Can you get a 30 year mortgage on a manufactured home?
There are only two types of manufactured home financing: a traditional mortgage and a chattel mortgage. Most people understand the traditional mortgage: find an existing home or build one, then apply for a 30-year fixed mortgage or another mortgage type and lock in a highly favorable interest rate.
Is it hard to get a loan for a mobile home?
Financing is challenging for any homeowner, and that’s especially true when it comes to mobile homes and some manufactured homes. These loans aren’t as plentiful as standard home loans, but they are available from several sources and government-backed loan programs can make it easier to qualify and keep costs low.
How can I get a loan for a mobile home?
The Department of Housing and Urban Development (HUD) offers loan programs for mobile homes through the Federal Housing Administration (FHA) loan program. Lenders can offer Title I mobile home loans even if the buyer is not purchasing the land they’ll place their mobile home on.
Do banks give loans for manufactured homes?
The FHA does not directly loan money to borrowers purchasing manufactured homes. Instead, loans are offered through approved lenders. FHA loans. If you own the land where your manufactured home will be placed, you may be eligible for traditional FHA financing.