Manufactured Housing (VA, FHA or Conventional)

Manufactured Housing (VA)
Manufactured Housing (VA) Home Loan:
Envoy Mortgage offers loans for manufactured housing for eligible VA recipients. Designed to offer long-term financing to American Veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration.

Credit Score requirements are a bit higher, 680 is the minimum qualifying score for Manufactred housing. A few other requirements are as follows:

No Single wide manufactured homes.
Must have been built after June 15th 1976 as evidenced by affixed HUD certification label.
Home must already be on the subject property and must be built on and remain on a permanent foundation, wheels and tongue must be removed.
Mortgage must cover both the unit and site.
A certified engineer's report by a licensed professional engineer or registered architect licensed/registered in the stat where the manufactured home is located is required. The purpose is to verify that the home was installed by the manufacturer's.
You are allowed to use gift funds for closing costs if needed.

Manufactured Housing (FHA)
Down payment requirements for FHA financing are the same as other FHA loans, minimum down is 3.5% of the purchase price. The seller, if they agree to it can pay up to 6% of the sales price towards closing costs, prepaids and reserves.

Credit scores do neet to be a bit higher than other thyps of FHA financing. Presently we require a 680% creit score, but that can change over time a lender guidlines change.

These loans ar for owner occupied properties the manufactured home must be on its own land (can't be in a mobile home park) and it cannot have been moved other than the time it was placed on its current home site. With FHA financing for manufactured homes, besides an appraisal, you also have to have a certified engineer inspection of the property to verify that the foundation was set up in accordance with the manufacturer's instructions.
You are allowed to use gift funds towards Closing Costs but no the Down Payment.

Manufactured Housing (Conventional)
Under present conventional guidelines a minimum down payment of 10% is required as well as monthly private mortgage insurance (PMI). The requirement for PMI is waived with 20% or more down.

For manufactured housing the minimum credit score is 680, there are a few other requirements specific to manufactured home financing:
The manufactured home must not have been previously installed (or occupied at any other site or location), except from the manufacturer or the dealer's lot as a new unit.
For resale transactions Envoy requires a copy o fthe delivery ticket documenting delivery to subject site by dealer/manufacturer.
A certified engineer's report by a licensed professional engineer or registered architect lilcnesed/registered in the state where the manufactured home is located is required:
The report must be specific. The appraiser must state in the appraisal that there are no alterations and/or observable damage to the foundation.