Specialized Financing for Harder-to-Finance Homes
More options for homes and borrowers who may not fit traditional mortgage guidelines.
Manufactured and mobile home financing can be confusing because the right program depends on the home, where it is located, how it is titled, and the borrower’s qualifications. Aaron Hoy specializes in these unique transactions and helps buyers understand which options may fit before they give up on a home.
Do not assume the home cannot be financed.
If the home is in a park, older, single-wide, previously moved, or still has an active certificate of title, Aaron may have a financing option worth exploring.
A quick terminology note: Homes built before June 15, 1976, are generally called mobile homes. Homes built on or after that date under the federal HUD Code are called manufactured homes.
Homes and Situations We May Be Able to Finance
- Homes in mobile home parks: Home-only financing may be available when the home is located in a land-lease community and the borrower leases the lot.
- Homes built before June 15, 1976: Specialized financing may be available for qualifying pre-HUD-code mobile homes that are too old for many traditional mortgage programs.
- Single-wide homes: Programs may be available for eligible new or existing single-section manufactured and mobile homes.
- Homes moved more than once: Financing solutions may be available even when the home has been relocated multiple times, subject to the program’s property, installation, and condition requirements.
- Title has not been eliminated: Options may be available for a home located on owned land even when its certificate of title is still active. The required title treatment depends on the state and financing program.
- New manufactured homes: Financing may be available for a new home purchase and eligible construction-related costs, including delivery and installation when permitted by the program.
Flexible Financing Possibilities
Depending on the borrower, property, occupancy, documentation, and selected program, available options may include:
- ITIN borrowers: As little as 5% down may be available for eligible borrowers purchasing an owner-occupied mobile or manufactured home.
- Full-documentation owner-occupied loans: Financing may be available up to 95% loan-to-value, which is equivalent to a 5% down payment.
- No traditional FICO score: Some programs may consider borrowers without a traditional FICO score with 35% down. A credit and ability-to-repay review will still apply.
- Terms up to 25 years: Longer repayment terms may help make the monthly payment more manageable, depending on the home and program.
- Up to 100% financing: Qualified borrowers may have access to financing up to 100% of the eligible transaction amount, with certain allowable fees potentially included in the loan when program guidelines permit.
Financing a New Manufactured Home
Buying or ordering a brand-new manufactured home? Aaron can help explore financing for the home and eligible project costs such as delivery, setup, installation, and related construction items. The final loan structure will depend on whether the transaction includes the home only or both the home and land.
What to Send Aaron
A quick review early in the process can prevent surprises later. If you have a home in mind, send the address or park name, year built, width, whether the lot is owned or leased, the home’s move history and title status, purchase price, estimated down payment, and whether you document income with an SSN or ITIN.
Have a home in mind? Let’s find out what may be possible.
Call Aaron Hoy at 425-750-5283 or email ahoy@capstonehomeloans.com. Licensed in Washington, North Dakota, Ohio, Indiana, and Pennsylvania.
Important Program Information
Not all applicants or properties will qualify. Program availability, loan amounts, rates, terms, down-payment requirements, loan-to-value limits, fees, credit requirements, documentation requirements, and property eligibility vary by state, lender or investor guidelines, occupancy, home age and condition, title status, appraisal, park requirements, and other factors. Financing for pre-HUD-code mobile homes, homes moved more than once, homes in land-lease communities, and homes titled as personal property is subject to specialized program requirements. This is not a commitment to lend. All loans are subject to application, review, and approval.
