You can obtain 30-year traditional mortgages on manufactured homes, but there are some basic requirements:
- The home needs to be built after June 15, 1976.
- The home must be double-wide.
- The home has to be at least 400 square feet.
- The wheels and axles have to be removed.
- The home has to be permanently affixed to the ground.
These guidelines help us classify it as a “real property.” If it’s currently not a real property, falling more into the category of land, for example, then those titles can be retired at closing, so making the property “real” is not unattainable.
Some loan programs require what’s known as a foundation inspection or structural inspection. Government loans, such as the FHA or VA program (and some conventional loans) will require this type of inspection if the appraiser is unable to fully document the integrity of the foundation.
A lot of acreage homes here in Central Florida have wells as their water source, which is fine, but we do have to ensure that the well water is safe for you and your family to drink—another inspection that might be required on a manufactured home.
Depending on the age of the home, there may be testing done for lead, bacteria, and/or nitrates, though that’s never required on a conforming or conventional loan program.
In the state of Florida, USDA will not lend on existing manufactured homes; you’d have to find one that’s brand-new and has yet to be occupied (if you do find that unicorn, please let us know).
If you or anyone you know have questions about manufactured home financing or any other financing-related topics, don’t hesitate to reach out to us. We’re always here to help and look forward to speaking with you.