![]() ![]() To qualify for mortgage financing, you typically must own the land on which your manufactured home is located. The FHA program requires a credit score of 580 or higher and allows loan terms of up to 20-25 years for mobile/manufactured homes. They offer flexible credit guidelines and low-down-payment options for both existing homeowners and first-time home buyers alike. FHA loans are guaranteed by the Federal Housing Administration. Manufactured homes that meet HUD guidelines can be refinanced via the FHA loan program. USDA loans are only available in designated rural areas and the mobile home must be less than one year old to qualify. Department of Agriculture and are meant to promote homeownership in under-developed regions. Mobile/manufactured homes may also be eligible for financing with a USDA loan. And there’s a maximum loan term of 25 years. To qualify for a VA manufactured home loan, you typically need a credit score of 620 or higher. Department of Veterans Affairs and offer ultra-low interest rates for veterans and service members. Cash-out refinancing may be an option if you own a “multi-width manufactured home (single-width are not permitted),” according to Fannie Mae. Manufactured homeowners typically need at least 5% equity in the home for a conventional refinance.įixed-rate mortgages and adjustable-rate mortgages are both available. Conventional loansīacked by Fannie Mae and Freddie Mac, conventional loans are best for borrowers with at least a 620 credit score. ![]() Here’s a little more information about each loan program and how to qualify. Mobile/manufactured home refinance options: Assuming the home is permanently affixed to land you own and meets property requirements, you may be able to refinance using any of the major loan programs. It should also have a data plate, which is a paper label found inside the home.Ī mobile or manufactured home cannot be financed or refinanced without this HUD Label, which should be found on the outside of the home.Įligible mobile homes can be refinanced with a variety of mortgage programs. The home should have a HUD tag, which is a metal plate certification label found outside the home (pictured below). Department of Housing and Urban Development (HUD). Your mobile home must also comply with building standards set by the U.S. Without axles, wheels, or a towing hitch.Affixed to a permanent foundation that conforms to HUD standards. ![]() On land that you own (and not located in a mobile home park).To refinance your mobile/manufactured home, it must be: Want to refinance your mobile home into a mortgage loan? If so, the home needs to meet certain guidelines to qualify for financing. The terms “mobile home” and “manufactured home” are often used interchangeably when referring to today’s manufactured home financing. This is true for any mobile/manufactured home built after June 15, 1976. Here’s what you should know.Ī note on terminology: Today’s “mobile homes” are really manufactured homes. If you can refinance your mobile home or manufactured home, you might stand to save big on your monthly payments. Your loan options depend on when the home was built, how big it is, whether it’s fixed to its foundation, and more. Some mobile homes can be financed and refinanced while others can’t. If you own a mobile home or manufactured home, you probably already know that mortgage rules are different for these kinds of properties. Octo8 min read About mobile home refinancing ![]()
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