Manufactured Home Loans
A Manufactured Home is a one-unit dwelling built on a permanent chassis in accordance with the National Manufactured Construction and Safety Standards Act as promulgated by the Department of Housing and Urban Development (HUD) and affixed to a permanent foundation. The manufactured home is required to reflect the HUD Certification Label that is a metal plate that is affixed to the exterior of each transportable section of the Manufactured Home.
The HUD Certification Number appears on each HUD Certification Label and evidences compliance with the Federal Manufactured Home Construction and Safety Standards. The HUD Data Plate/Compliance Certificate is as well required. This Certificate is a paper label mounted in the Manufactured Home that contains, among other things, the manufacturer’s name, trade/model name, year manufactured and serial number, a list of the Certification Label number(s), etc. The Data Plate is typically affixed in a readily accessible and visible location (e.g., near the main electrical panel, or in a kitchen cabinet, or a bedroom closet).
- Doublewide and Multiwide
- No Singlewide homes
- Mortgage must be secured by both the manufactured home and the land on which it is situated
- Must be on a permanent foundation
- Must be built after June 15, 1976
Purchase
- Primary residence – maximum Loan To Value (LTV) 90% fixed rate and ARM (7/1 and 10/1) New Homes only
- Second Homes – Maximum Loan To Value is 80%
- Investment Property – not eligible
Rate/Term Refinance
- Primary Residence- Maximum Loan To Value 85% if owned less than 12 months, Loan to Value based on lesser of appraised value or purchase price
- Second Homes – Maximum Loan to Value 80%
- Investment Property – not eligible
Cash Out Refinances
- Primary Residences – 65% Loan to Value – Must have owned the land and home for 12 months and maximum term is 20 years
- Second Homes – Not eligible
- Investment Property – not eligible
