On Q continues to grow its niche product line, and I am happy to say we have recently expanded our line to include an FHA loan for manufactured homes! While not sacrificing style, space, or amenities this can be a great option that is reasonably-priced. And the initial setup is actually easier than you would think.
17 million Americans live in manufactured housing, so the question is: What IS a manufactured home?
These homes have at least 400 square feet of living area and are designed for occupancy as a principal residence. It is assembled in “units” at a factory, brought to the site, and then built on a steel chassis on a permanent foundation that remains part of the home for the duration of its life. The following are product requirements:
- 640 minimum credit score
- Doublewide only
- Home must have been built after June 15th, 1976
- Existing and new construction eligible
- Home may not be in a flood zone
- Must be taxed as real property
- HUD tags required
- Available on purchase, rate/term, refinance, cash-out refinance, and streamline refinance for 203B transactions
- Engineer certification of foundation requirement
- Termite inspection required
The view of homeownership is always expanding. Manufactured housing is of comparable quality to site-built housing and has dramatically improved since the implementation of the 1976 HUD Code. And just like owning any other home, manufactured housing can be an asset-builder for homeowners.
Find out today if this is the opportunity you have been waiting for to make your dream of homeownership a reality!
This program is only available to eligible properties, restrictions apply. Home must be installed on home-site that meets local standards for site suitability and has adequate water supply and sewage disposal facilities. Loan approval is subject to applicant’s qualification for a loan program. Underwriting terms and conditions would apply. 068i0000001K05d