Mortgage loans for the purchase of a manufactured home with its own land are available. I repeat, you can finance the purchase or the refinance of a manufactured home even in today’s lending environment in Lane County.

FHA continues to be the best way to finance the purchase of a manufactured home, especially if you only have a limited down payment. There are minimum standards, for instance, the home needs to be a double wide, it has to have been manufactured after June 15, 1976, it can’t have been moved since it was originally set up and it must have a concrete foundation and tie downs.

There are some great deals out there on manufactured homes. All you have to do is search through the RMLS and find some very interesting ones. Take this one for example: 1512 square foot, 1991 double wide in Junction City listed at only $97,900. Does it qualify for FHA financing? I don’t know, but the picture is nice:

I am sure Kurt Katsura with Windermere Real Estate of Lane County can answer all of your question. 541-484-2022. Be sure and call me, 541-221-3455, about financing.

It is even possible to receive cash back on a refinance up to 85% of the appraised value. Foundation and tie downs can also be installed as a condition of closing since a lot of the older homes were installed prior to the requirement for concrete foundation and tie downs.

There are a couple of other interesting things of note when considering a manufactured home.

1. The manufactured home cannot be in a flood zone, period, end of report. It doesn’t matter if you can get flood insurance or not, they cannot be financed if they are in a flood zone.
2. USDA will guarantee new manufactured home purchases, but there are no lenders, to my knowledge, that will finance them. USDA will not finance existing homes.
3. Conventional loans are also available for manufactured homes with a minimum of 20% down on a purchase and a lower loan to value on a refinance.
4. I have found no lender willing to finance an existing manufactured home on rented ground or a park. There may be some out there, but I am not aware of them.
5. Modular homes and manufactured homes are different. A modular home is built in a factory and assembled on the site. A manufactured home is built in a factory and comes to the site assembled with only the joining of the sections to be done on the site. Modular homes are financed like any other site built home.

It is best when purchasing a manufactured home to work with someone well versed in the process. There are too many factors that someone unfamiliar with the programs can easily overlook.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.