A Primary Guide to Finding Manufactured Home Loans for Bad Credit

The road to getting manufactured home loans for bad credit Fairfax County, VA is not difficult but different. Lenders provide conforming loans for mobile homes sometimes, and this type is just the same as a traditionally built home. FHA loans are available, but your eligibility depends on the mobile home and its kind.

You can get a manufactured home loan, but you should do a little bit of homework beforehand. So, let’s have a look below.

Finding a Manufactured Home Loan

As you can understand, getting a manufactured home loan is way different than getting a traditional home loan. The first thing you cannot ignore is that each manufactured home does not fall under ‘real estate.’ When the home is attached to wheels, it is likely to be considered as a vehicle instead of a home. Moreover, lenders might have particular guidelines about the property condition.

Now, traditional financing requires you to apply for a loan with a structure that falls under ‘real estate’. Since all manufactured homes are not categorized as real estate, manufactured housing begs to differ.

In case your manufactured home is a minimum of 400 square feet, you can consider a government-sponsored home loan. Making yearly payments for the DMV does not mean that you own a house. Your mobile home may be considered personal property, and you might have to put down at least 5%.

Also, remember that manufactured home loans for bad credit Fairfax County, VA come with strict guidelines. Mobile homes decrease in value as opposed to regular homes.

Learning about FHA Title I Program

You can only opt for a mortgage if your home passes as real estate. You can, however, finance mobile homes but mortgages are not an option. FHA Title I program accepts applicants who own mobile moveable homes. You can negotiate between lenders and borrowers. Remember, this is a lot different than traditional homes. Interest rates are likely to be high for this type of loan. After all, lenders see borrowers for moveable properties as riskier.

At present, the manufactured home loan limit is $69,678. If you are looking for a financing option for manufactured home and lot, the limit is $92,904. Besides these, the maximum loan term is 15 years if you are looking at a manufactured home lot mortgage program.

Are you looking for a manufactured home lender? Contact Clear Lending for a hassle-free experience!

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