Capital Home Mortgage Brownsville

Brownsville Manufactured Home Loans

Brownsville Manufactured home Lender

Brownsville Manufactured Home Loans

Manufactured homes can offer more flexibility than traditional homes while being significantly more affordable on average. This is especially important now that housing costs are on the rise. These factory-made homes can be personalized in many ways that a conventional house can, and depending on the model you choose, they can provide more than 2,000 square feet of usable space.

If you plan to purchase a manufactured home soon, you’re probably already looking for financing options. And while most lenders may not be able to provide you with a manufactured home mortgage, Capital Home Mortgage can.

Modular vs. Manufactured Homes

Although the terms “mobile homes” and “manufactured homes” are frequently used interchangeably, there are important distinctions between the two. There are different categories of homes they could be referring to, and knowing which type your house belongs to will help you determine your financing options.

Manufactured homes

Manufactured homes were formerly called “mobile homes.” However, any pre-fabricated factory-built home after June 15, 1976, is categorized as a “Manufactured Home.”

Manufactured homes are constructed in a factory and then transported to the location chosen by the buyer. They are set up on a permanent foundation, and, as a result, many different lenders consider them to be “real property.” They even have mortgage programs that are specifically designed to finance them.

Modular homes

Like manufactured homes, modular homes are constructed in a factory. The distinction is that modular homes are assembled on-site, right there in front of you. These houses are also fixed to a permanent foundation and must comply with local building codes, which means you can typically get traditional mortgage financing for them. 

Loan Options for Manufactured Homes 

You can take a few different routes to acquire financing for a manufactured home. The most popular ones include:

  • Conventional Loans

Although not all financial institutions are willing to provide financing for mobile or manufactured homes, Fannie Mae and Freddie Mac have loan programs available for properties that meet their criteria.

           – Fannie Mae

Fannie Mae’s MH Advantage® program enables buyers to finance manufactured homes for 30 years with down payments starting as low as 3%. However, for your house to qualify, it must satisfy a specific set of requirements. For example, the width of the home must be at least 12 feet, have a floor space of at least 600 sq. ft., and cannot be located on leased land.

           – Freddie Mac

Freddie Mac also provides conventional loans for manufactured homes, but only if the homes satisfy all requirements comparable to those imposed by Fannie Mae. To qualify, the house must be constructed on a permanent chassis, be regarded as real property, and have a living space of at least 400 square feet, among others.

  • FHA Loans

The Federal Housing Administration (FHA) offers a safe and reliable mortgage program called the FHA One-Time Close Loan. This program is available for one-unit primary residences, new manufactured homes for primary residences, and modular homes. It is an all-in-one loan that borrowers can use to finance the construction, purchase the lot (if required), and the permanent loan.

For a manufactured home to be eligible for FHA-backed financing, it must serve as the borrower’s primary residence, and the house must conform to FHA guidelines. The manufactured home must also be considered real property and not located on leased land.

  • VA Loans

You can also use a VA loan to finance the purchase of a manufactured home along with the land it sits on. Mobile homes do not qualify because they are not permanently anchored to the ground and do not meet the requirements for manufactured homes set forth by HUD.

With the VA loan, you don’t have to pay mortgage insurance or need money for a down payment. However, these loans are only available to veterans, active-duty service members, and surviving spouses who meet the Department of Veterans Affairs requirements.

  • Personal Loans 

If you fail to qualify for the above loans, you can always try personal loans. These loans do not restrict how your house is built, so you should be able to qualify even if your house is a fully-movable mobile home or not attached to a permanent foundation.

Personal loans, however, can be very costly for people with poor credit, charging interest rates higher than 20% in some cases. We recommend getting a personal loan only if you are in good credit standing.

Ready To Get Started With Your Manufactured Home Loan?

Manufactured homes are a more affordable option than their site-built counterparts. If you plan to buy one, though, you need to take the time to research the different financing options open to you and what each one entails. 

Capital Home Mortgage can guide you through the mortgage process and ensure that you explore all of your choices to determine the most suitable option for your lifestyle and financial situation.

Why Brownsville HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Brownsville Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Texas renovation home loans

Looking to Rehab a Texas Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Texas FHA Home Loans

Great for 1st Time Texas Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Texas VA Home Loans

100% Financing for Texas Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Texas Conventional Home Loans

Flexibility for Texas Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Texas Jumbo Home Loans

Texas Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Texas USDA Home Loans

100% Rural Texas Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Texas Native American Home Loans

Texas HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Texas Manufactured Home Loans

Great Alternative Texas Housing

Texas reverse mortgages

Your Texas Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Texas Non QM Home Loans

Making Texas Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Texas One Time Close mortgages

Build Your Texas Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Texas Refinance Mortgage Loans

Texas Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Texas Cash-out Home mortgages

Texas Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Brownsville Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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