Manufactured Home Loans
mortgage loans for manufactured homes
Waterstone Mortgage’s manufactured home loan program offers conventional, FHA, USDA, and VA financing for both single- and double-wide mobile homes.
The quality of manufactured homes has greatly improved in recent years, making them more appealing for those seeking an affordable homeownership option. Manufactured homes provide all the perks of homeownership without the higher expense of a traditional home.
flexible financing for manufactured homes
Primary Residence Financing
- USDA loan: No down payment; FICO scores as low as 620
- VA loan: No down payment; FICO scores as low as 640
- FHA loan: 3.5% down payment; FICO scores as low as 620
- No-down-payment option may be available through down payment assistance* — contact a loan originator for details
- Conventional loan: 5% down payment; FICO scores as low as 600
Second Homes and Investment Properties
- Second or vacation home: 10% down payment; FICO scores as low as 620 (Available for double-wide homes only)
- Investment property: Up to 65% financing (Available for double-wide homes only)
Additional Program Features
- Down payment funds may come from a gift when purchasing a primary residence
- Homes moved from another site may be eligible — contact a loan originator for details
what is the difference between a mobile home and a manufactured home?
While manufactured homes are often referred to as “mobile homes” in common conversation, there is actually one major technical difference.
“Mobile homes” got their name from the way they were built off-site, then transported to their permanent locations. However, this process was not regulated, leaving room for quality and safety concerns.
In the mid-seventies, building standards improved, and the new version of these homes (the ones that were built following the new codes) needed to be set apart from the others. Thus, the “manufactured home “was born.
In short: if it was built prior to 1976, it’s a mobile home. Anything after that is a manufactured home.
With that said, manufactured homes have come a long way in recent years. Although they have defining characteristics such as a smaller square-footage and smaller price tag, these homes may be a great option for someone looking for affordable housing.
*National Homebuyers Fund and Chenoa Fund assistance requires minimum 600 FICO in addition to program-specific credit requirements.
All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. Some program features may be available through a broker relationship with other lenders. Waterstone Mortgage is not affiliated with those lenders. Credit approval is at the sole discretion of the lender.
