Manufactured homes are becoming an increasingly popular option for homebuyers looking for an affordable, yet comfortable and stylish living space. However, financing a manufactured home can often be more complex than financing a traditional, site-built home. We, at Amres, specialize in manufactured home loans and are prepared to guide you through the process of funding your manufactured home purchase.
Asset Depletion Loans at a Glance:
| Minimum Credit Score | 580 |
| Minimum Down Payment | 0% |
| Max Loan Amount | $726,200 |
| Max Debt-to-Income (DTI) | 56.99% |
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Manufactured Home Financing
Manufactured homes are financed the same way as any other mortgage, with one key difference – the property must conform to the Department of Housing and Urban Development’s (HUD) Manufactured Home Construction and Safety Standards (HUD Code). A manufactured home loan can be obtained through Conventional financing, FHA, USDA, or VA and can be for a singlewide or multiwide.
Manufactured Home Property Requirements
To be eligible for financing, manufactured homes must conform to the HUD code. Generally, if a manufactured home meets all of the following requirements, it will likely be eligible for financing.
- Manufactured date must be on or after June 15, 1976.
- The home must be on a permanent foundation. This will have to be verified by an engineer.
- The home must be safe and habitable, which means it must be connected to utilities such as water, sewer, gas, and electricity.
- The tow hitches and axels that were used to transport the manufactured home from the retailer must be removed from the property.
- The home must have a HUD tag and data plate. If the home is missing either of these, we can assist you with obtaining them.
- The home must be de-titled as real property.
- The home must never have been moved from its original set down location.
How to Apply for a Manufactured Home Loan
Apply Online
- Visit the website: Go to the online mortgage application portal at Amres.com.
- Complete the application: Answer some questions about your homeownership goals and personal information.
- Gather Documentation: Prepare necessary financial documents, such as pay stubs, tax returns, and bank statements.
- Loan Processing and Approval: Amres will process the loan, conduct the appraisal, and provide a decision on approval.
- Closing: After approval, you’ll proceed to closing, where you’ll finalize the loan and become the proud owner of your new home.
Apply over the phone
- Contact an Amres Loan Officer: Start by connecting with an Amres loan officer to discuss your needs and options.
- Gather Documentation: Prepare necessary financial documents, such as pay stubs, tax returns, and bank statements.
- Complete Application: Your loan officer will guide you through the application process, ensuring all details are accurately provided.
- Loan Processing and Approval: Amres will process the loan, conduct the appraisal, and provide a decision on approval.
- Closing: After approval, you’ll proceed to closing, where you’ll finalize the loan and become the proud owner of your new home.
More Info on Manufactured Home Loans
Manufactured Home Loans: 7 Unique Guidelines
On June 15, 1976, the US Department of Housing and Urban Development created the Manufactured Home Construction and Safety Standards. These standards regulate the construction […]