With rent prices increasing and the cost of living on the rise, many aspiring homebuyers are finding it difficult to find affordable housing. It’s important that potential homebuyers have the option of affordable housing, which means not paying more than 30% of their income on housing costs. Manufactured housing is a great solution to not only make housing affordable, but to provide the dream of homeownership.
Today, more than 22 million families are homeowners because of manufactured housing and that number is growing. The average sales price of a manufactured home is $84,400 making a manufactured home a very viable option for members. With manufactured housing, everyone from working families to single parents and retirees can have a place to call home.
Affordable financing for manufactured homes hasn’t always been possible or easy, but we offer a variety of home loan options for manufactured homes to help make the next step of home ownership possible.
Here are some parameters/highlights to create manufactured home loan packages:
- 620 minimum credit score
- Primary Residence or Second Home
- Purchase and Limited Cash-Out Refinance
- LTV equal or less than 95% for primary residence
- Double-width manufactured homes only
- Minimum of 600 square feet and at least 12 feet wide
- Must be attached to permanent foundation system
- Additional underwriting conditions apply
For more information about financing your manufactured home, please contact us at 800-607-3474 and ask to speak with a loan officer.