Napa Mortgage News

Manufactured Home Difference

October 16th, 2016 10:14 AM by Robert La Monica - President

Manufactured Home Mortgage offers a range of manufactured and modular home financing options to meet the needs of all types of home buyers. This includes conventional loans for top qualifying applicants as well as a wide range of other loan programs which include opportunities for prospective buyers who can afford a home today, but have had some credit challenges in the past. The following information will provide details about our modular and manufactured home financing options so you can find the best financing for you.

FHA Loans

FHA loans are insured by the FHA and best suited for borrowers who don’t have a large down payment and that have less than perfect credit. Through our FHA loan programs, we can often qualify individuals who have had past credit challenges.  We also can often assist buyers with higher debt to income ratios who have other strong compensating factors to help justify their ability to apply a higher percentage of their monthly income toward their housing payment.  To be eligible for FHA financing, the manufactured home you are purchasing must have been built after June 15, 1976 and be permanently fixed to a foundation.  If you are purchasing an existing manufactured home that is not currently affixed to a foundation, we may be able to structure a loan for you that will allow the foundation to be upgraded to FHA standards.  Some of the perks of this program include a low 3.5% down payment, 30 year loan terms, and low interest rates. Learn more about our FHA loans for modular and manufactured homes.

VA Loans

We have special VA loans for veterans in need of financing for manufactured and modular homes. While many manufactured home financing companies do not offer VA loans, MHM offers these loans to qualifying veterans with a credit score of 620 or higher. Our VA loans can cover 100% of the loan cost, meaning $0 down payment. Most VA manufactured and modular home loans require a VA funding fee that can be financed; however, all VA loans we offer are exempt from monthly mortgage insurance fees. Learn more about our VA loans for modular and manufactures homes.

Conventional Loans

MHM is one of only a few manufactured home financing companies that offers conventional loans for manufactured and modular homes with terms that are similar to site-built home mortgages.  At MHM, these loans do require a debt to income ratio below 43% and credit score of 680 or more. The maximum loan limit is currently $417,000; no upfront or monthly mortgage insurance premiums apply on loan to values of 80% or less; and unlike the other manufactured home financing options, conventional loans can be used for second homes.  Conventional homes can also be used to finance modular homes as investment properties.  Learn more about ourconventional loans for modular and manufactured homes.

The MHM Difference

When it comes to financing manufactured homes, MHM is one of the top rated manufactured home financing companies in the country. We have a long history of customer satisfaction and offer financing for manufactured and modular homes in California.

Although MHM is an industry leader in financing manufactured homes, it is not just our knowledge and great loan programs that make us the top choice for manufactured home financing. We deliver personalized service to each and every one of our loan applicants that far exceeds other manufactured home financing companies. We understand that every situation is different, so we take the time to understand your circumstances and craft the right loan for your situation. We are also friendly, understanding, and eager to help. We will go out of our way to answer your questions about manufactured home financing while promptly answering your emails and calls to explain the loan process and put your mind at ease.

We are confident we have the right manufactured home financing option for you. It all begins either with a simple call to us at 916-861-2292 or by completing an online application so we can determine your eligibility and match you with the perfect modular or manufactured home loan for your situation. Contact us today, and take a big step forward on the path to home ownership!

Posted by Robert La Monica - President on October 16th, 2016 10:14 AM

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