Manufactured Homes are on the rise because they are more affordable and the design has come a long way. They now look more customized with gables, attached garages and nice decks. The financing has evolved as well.
Fannie Mae will now finance a single wide mobile home on its own land.
Here are some of the guidelines that you need to be aware of.
- Must be newer than June of 1976.
- Must be at least 400 square feet of gross living area.
- Primary residence only.
- Cannot be cash out – rate and term financing only.
- Must have Approved/Eligible findings through Fannie Mae or Freddie Mac (if you don’t know what these are you need to take my newest class).
- The property must be tied down with hurricane straps and provide the engineers with a report stating that they are done correctly.
- The manufacturer’s plate must be attached to the home, if it is not the lender will need to order a new one.
- The home will need to be skirted in if it is not on a foundation or frost wall.
Financing is available with agency down payment minimums with conventional loans.
