Available Mortgage Programs for Manufactured and Modular Homes
What is the difference between a modular and manufactured home and what mortgage financing is available?
In today’s video I will share some differences between the two property types and explain what mortgages are available for modular and manufactured homes.
However, before we get started, if you are experiencing financing difficulties and need assistance, try our Underwriting Deal Desk. We offer this service as a resource where you can ask any qualifying questions to help keep your transaction from falling off the tracks!
What mortgages are available for manufactured and modular homes in Florida, Texas, Tennessee, and Alabama?
As a starting point, the primary differences between manufactured and modular homes are determined by how the home was assembled and the building codes that must be followed for each type of home.
Manufactured Homes
- Also referred to as a “mobile home”, Fannie Mae defines a “manufactured home” as any dwelling unit built on a permanent chassis that is attached to a permanent foundation system and evidenced by a HUD Data Plate and HUD Certification label.
- Manufactured Homes are built in accordance to Federal Code requirements as found under the National Manufactured Housing Construction and Safety Standards Act.
- For eligibility, guidelines require that the manufactured home be classified as real
property. - Metroplex Mortgage Services offers financing options for existing manufactured homes under Fannie Mae, Freddie Mac and, FHA, but for new manufactured homes we are able to work with USDA No Down Payment Construction Loans.
- Additional restrictions may apply, so contact my team in the office with any questions.
Modular Homes
- Built in sections at a factory and transported to the building site on truck beds, they must conform to state, regional, and local building codes once assembled at the property location.
- Additionally, Fannie Mae states the following, “Loans secured by prefabricated, panelized, or sectional housing are eligible for purchase. These properties do not have to satisfy HUD’s Federal Manufactured Home Construction and Safety Standards or the Uniform Building Codes that are adopted and administered by the state in which the home is installed. The home must conform to local building codes in the area in which it will be located.”
- Further, modular homes are affixed to a permanent foundation, do not have wheels for mobility, and ar
e classified as a single family residence. - Metroplex Mortgage Services offers financing for existing modular homes through USDA, VA, FHA, and Conventional programs, and for new modular homes we are also able to work with USDA and VA No Down Payment Construction Loans.
Important Reminders
In summary, both modular and manufactured homes can both be eligible for financing depending on the type of mortgage program and other qualifying criteria, but if you have questions, remember we are just a phone call away!
Whether it be FHA, VA, USDA, or Conventional – Just call or email to discuss your scenario and let us show you the “Metroplex” difference.
800-806-9836 Ext. 280
SeanS@MPLX.org
I want everyone to make it a great day, and look forward to seeing you right here for the next tip of the week!
