According to Kristin Jamieson of Success Mortgage, manufactured home loans can be done conventionally, under FHA financing, and under VA financing, meaning that there are a lot of options for buyers. There are, however, a few requirements that people need to meet in order to qualify:
1. The home must have been built after June 1, 1976.
2. The home must be at least a double-wide with at least 400 square feet.
3. The wheels and axles must be removed and the home has to be permanently fixed to the ground. To clarify, the home must also be attached to a section of land, making it real property, in order to qualify. If it’s on leased land, such as in a home park, it’s almost a vehicle title.
These criteria are all confirmed via an engineer’s certificate during the inspection process, so you’ll need an engineer to take a look at your home to ensure that it meets all the requirements.
Here are some additional tips and information for anyone who is looking to get a manufactured home loan:
1. Lenders really want to ensure that a potential buyer is qualified and that the home meets their requirements, so have your home inspections done and get pre-approved in advance.
2. Early in the process, make sure that your insurance company properly covers the house. Not all insurance companies insure manufactured homes, so make sure that you have a solid, bound insurance policy to head off any issues down the road.
3. Expect the process from contract to close to take 30 days or less. As long as you don’t wait until the last minute to meet the requirements, the process shouldn’t take any longer than a normal home loan.
Hopefully this information opens up a whole new realm of opportunity for buyers who didn’t know that this was an option for them. If you’d like to speak with Kristin in more detail about this topic or other mortgage-related subjects, you can give her a call at (352) 242-1535 or email her at kristin@KristinJamiesonFL.com.
If you have any other questions regarding real estate, don’t hesitate to reach out to me. I’d love to hear from you.