While property values and purchase prices continue to rise, many people are turning to a more affordable option: manufactured homes.

Manufactured homes can be financed through conventional, VA, and FHA loan programs. For the most part, any loan program will be approved. However, though the USDA has a pilot program in some states that allows for the financing of existing manufactured homes, Florida is not currently part of this program.

For a lender to finance a manufactured home purchase, there are some basic requirements that must be met:

  1. The home must be a double-wide.
  2. It must be at least 400 square feet
  3. It must have been built after June 15, 1976

Manufactured homes tend to depreciate in value, and if you’re taking on a 30-year mortgage, lenders want to be sure of the remaining economic life of the home. Because of this, more weight is placed on the buyer’s qualifications. This can mean you need a higher credit score, bigger down payment, or more expensive private mortgage insurance. Beyond this, there aren’t many restrictions.

“Manufactured homes tend to depreciate in value, so more weight is placed on the buyer’s qualifications.”

To get a loan on a manufactured home, lenders require a structural engineer’s report. The engineer looks under the home to ensure it’s been tied down, the wheels and axles have been removed, it’s structurally sound, and it meets various municipality/county requirements.

Otherwise, everything else is similar to getting a normal mortgage loan. If you or anyone you know is looking to purchase a manufactured home, have any questions, or need further information, feel free to reach out to me. I look forward to hearing from you soon.