Some things have come a very long way over the years — and the manufactured home industry is among them. When you hear the term “manufactured home” used now, your first thought doesn’t immediately turn to those flimsy mobile homes for low-income families. The newest manufactured homes are quality houses that provide a wonderful solution to a variety of housing needs and desires.
The main difference between a manufactured home and a “stick-built” home is that a manufactured home is constructed in pieces and shipped to the location, where it’s painstakingly assembled. A manufactured home, like a stick-built home, can have a permanent foundation, but it’s not a given. So, whether you’re a first-time home-buyer or you’re looking to build your retirement dreams on a charming piece of countryside, a manufactured home can deliver exactly what you’re seeking, if you use a discerning eye.
Manufactured Home Mortgage
Many manufactured home loans originate with Fannie Mae and Freddie Mac, which are the two federal agencies that write the rules for conforming mortgages. FHA loans, USDA financing, and VA financing are other options that may be available to you if you qualify. Independent mortgage lenders like GoPrime Mortgage, Inc. . (Prime Mortgage Lending and Equity Services, Inc.) may be your best option for securing a mortgage for your manufactured home.
There are a few things you should know before you look into getting a manufactured home mortgage. You and your property must meet certain requirements for a lender to finance your manufactured home. The requirements get a little technical because they have really specific wording about what a manufactured home actually is.
Manufactured Home Requirements
Manufactured homes are often less expensive than stick-built homes, but as beautiful as they are, they do age differently than a stick-built structure. Therefore, the first factors to consider for a manufactured home are its type and age. The newer the home, the better your chance of securing a mortgage.
The Federal Manufactured Construction and Safety Standards regulate these homes. To qualify for a manufactured home mortgage, your home must have been built after June 15, 1976. The floor space must not be less than 400 square feet, and it must be classified as real estate. These qualifications state the minimum requirements.
Is it Real or Personal Property?
For your manufactured home to qualify as real estate, it must have a permanent foundation. The foundation must meet with all construction codes and regulations. If you want to get your manufactured home mortgage through the FHA, your permanent foundation also has to meet their specific standards and criteria. Make sure you do your homework and follow the guidelines closely before attempting to get a mortgage.
Also, for your manufactured home to be classified as real estate or “real property,” it must be considered a permanent dwelling. Otherwise, for tax purposes, it’s just personal property, ineligible for a mortgage. According to some requirements, your mortgage must cover both your manufactured home and its site.
The Good News
You can find experts who are knowledgeable when it comes to navigating the financial specifics of manufactured home mortgages. Don’t let all the details and loop-holes stress you out. Instead, talk to a friendly, down-to-earth mortgage lender like Zachery “Zack” Adam of GoPrime Mortgage, Inc. .
Zack is an independent mortgage lender who values you as an individual and cares about your family. He feels bound to educate people on the process, and he has direct experience helping his clients get mortgages for their manufactured homes. Contact Zack today to start building a solid future in your manufactured home.
