97-Manufactured Loan

Manufactured Home Loan Highlights

Purchase and Land: This loan option is for buyers who are purchasing a manufactured home along with the land it is placed on. This is a strict requirement regardless of whether the home has been converted to real property.
Interest Rates: Due to the niche nature of this loan, rates are typically higher than traditional mortgages. Rates vary based on your credit profile and the specific loan product.
Repayment Terms: Terms can vary greatly depending on the lender. While a 30-year term is often available, options are not as standardized as with conventional loans.
Down Payment: Down payment requirements vary, but options may be available with as little as 5% down.
Eligibility: Lenders will look for strong credit, verifiable income, and other standard financial qualifications.

Required Documents for Your Manufactured Home Loan Application

Your loan approval is highly dependent on the documentation you provide. Having these documents ready at the time of your application will ensure a smoother and faster process.

Personal, Financials & Property

Valid & legible picture ID
Copy of Social Security Card
Copy of ratified divorce decree or legal separation agreement if applicable
Documentation of source of down payment (i.e. bank/401K statements)

Employment & Income

Pay stub that has a pay period end date after loan application date
Prior year's W2
If self-employed, last 2 years tax returns, business and personal, all pages, all schedules
If applicable, Social Security/pension award letters
If using rental income, last 2 years tax returns and copy of all current lease agreements
Verification of Employment letter (VOE)
Alimony/Child Support - proof of 12 months of consecutive payments (if using income to qualify)

What is a Manufactured Home Loan?

A manufactured home loan is a mortgage specifically for a manufactured home that is being purchased along with the land it is on. These loans are distinct from mortgages for traditional stick-built homes and are also different from personal property loans for manufactured homes that are located on rented land. We work with lenders who specialize in these loans, helping you navigate the unique requirements and documentation needed.

These loans allow you to finance both the home and the land together, ensuring a comprehensive financing solution. While the process may require specific documentation and inspections, it is a straightforward path to homeownership for many buyers.

Common Questions about Manufactured Home Loans

Can I get a loan for a manufactured home on rented land?
No, the lenders we work with require the purchase of both the manufactured home and the land it is located on. We do not work with loans for homes on rented lots, as they are considered personal property loans, not mortgages.
What are the requirements for the property?
The home will need to be appraised and will be required to meet certain structural and safety standards. Additionally, the property taxes, liens, and insurance will need to be verified as part of the closing process.
Is the process different from a traditional home loan?
While many of the required documents are the same, a manufactured home loan requires additional documentation related to the home's title, condition, and the land purchase. Our lender partners are experts in this process and will guide you every step of the way.

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