Manufactured Homes

There are some areas that have a high number of manufactures homes, and borrowers who are either looking to buy or refinance these types of homes, should know some of the conditions and documents that banks will ask for. First, a great program for manufactured homes is FHA. With FHA you can go to max financing which is 96.5% loan-to-value for a purchase or a rate and term refi. On a cash-out, you will be maxed at 85%. A lot of banks will also go down to a low loan amount, I have seen as low as 50k. Here are some of the items banks and underwriters will ask for; A DOT tag, DOT is Department of Transportation.  You may also need to provide an engineering certificate stating the house is on a permanent foundation and that any attached structures or additions a structurally sound and meet local and HUD property requirements. You may need to provide proof that you home is in a mobile park, and not just by itself on an individual lot. Some banks will not lend if you are not in a park. You may also need to provide proof of the square feet, since some banks have minimums on square footage, and that minimum is 400 sq ft. Also, it has to have been constructed after June 15, 1976.  Also, for newly constructed homes, initial and final inspections must be completed by FHA Compliance Inspectors, or licensed engineers.

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