What I Need To Know About Manufactured Home Loans, Programs, and Lenders.

In a previous article, we briefly discussed that many are missing out on manufactured homeownership opportunities because their local banks and even the largest of lenders are not offering loans for manufactured homes.

While there are plenty of standards a manufactured home must meet to qualify for manufactured home financing, this should not affect your decision to buy a manufactured home. Especially since Manufactured and Modular homes are gaining in popularity with rising home costs.

The first and most crucial part of being cognizant of when knowing if the property you want to finance will qualify is will the home be affixed to a permanent foundation. This is a must to qualify to be taxed as real estate and obtain a mortgage loan from a qualifying lender.

Home loans for manufactured homes can be challenging to get from some lenders, but Manufactured Nationwide is not one of them.

Why is it so difficult to get a mortgage loan for a manufactured home?

Even though many manufactured homes meet the standards of FHA, VA, USDA, and conventional guidelines, many mortgage lenders still refuse to approve these loans.

Or, if they offer these loans, they may be at higher rates or have reduced loan-to-values, like 70% or less. ManufacturedNationwide.com offers multiple programs with up to 100% financing, including new construction loans for manufactured homes.

Which loans a lender chooses to approve and which he chooses to disapprove is entirely up to that lender, so this is not an issue with the government programs; it is a lender issue. They are just being incredibly choosy about the risk they want to take in their loan portfolio.

If you’ve encountered a mortgage lender who would not approve your manufactured home loan, perhaps you’ve been working with the wrong lender.

When the lenders at Manufactured Nationwide see a manufactured home customer call or check their eligibility online with us, we see an opportunity. But when most other lenders look at a manufactured home, they see high risk and low profit.

Since the last recession, even some of the best home loan lenders have become hesitant to approve manufactured home loans due to depreciation, higher delinquency and foreclosure risks, and other factors. Lenders may also require different equity levels when applying for a manufactured home cash-out refinance, especially on older mobile homes.

Others refuse because they don't know the loan and property guidelines, the required reports, or the myriad other issues that could arise to counteract them quickly. When you have a closing deadline to meet, trusting a manufactured loan with someone who lacks experience is a risky move.

It could cost you money in delays, loss of rate locks, increased cost with rate extensions, and, in worst-case scenarios, the loss of your home to another buyer.

What Is It Like To Work With ManufacturedNationwide.com?

If you decide to work with Manufactured Nationwide Home Loans, a direct mortgage lender offering these loans in all 50 states, you won’t encounter such hesitation; we stand ready for you!

Because we're a direct lending bank offering manufactured home loans in all 50 states, we have in-house underwriters who review our guidelines and work to approve your loan. Other banks and brokers may send your loan elsewhere for underwriting, causing delays and a significant loss of control over your file.

We offer all FHA, USDA, VA, and conventional programs at the highest available limits, with some of the lowest fixed rates. Consistently closing Manufactured Home Loans daily and receiving regular referrals from realtors, dealers, retailers, and past clients nationwide because of our transparent approach and desire to lend on this property style.

Combine this with seasoned Manufactured Loan Bankers, and we become a "powerhouse lender" fighting on the customer's side!

Mortgage Loans On Manufactured Homes In All 50 States

We believe in doing everything we can to help our clients and their families meet their real estate goals, whether those goals include a manufactured home or not. As an FDIC-insured bank, we operate without boundaries in all 50 states. If you are looking to build, buy, refinance, or renovate, we have you covered.

If you’re comparing different manufactured home lenders, this guide walks you through the key approval standards and what each lender looks for.

Contact Manufactured Nationwide today to learn more about your real estate options, or skip the lines and check your eligibility here.