Capital Home Mortgage Waco

Waco Manufactured Home Loans

Waco Manufactured home Lender

Waco Manufactured Home Loans

With tiny homes gaining popularity these days, many homebuyers in the market for newly-built modern homes with an affordable price tag are considering purchasing manufactured homes

If a manufactured home appeals to you, Capital Home Mortgage has several home loan options to help you purchase one.

What is a Manufactured Home?

Manufactured homes are houses put together in a factory and then placed on a lot. They are typically fixed permanently to one location with a foundation, most frequently a slab. 

While it is possible to move manufactured homes from one location to another, doing so is not practical. A manufactured home is not typically moved once installed at a site.

Manufactured Home vs. Mobile Home

Like manufactured homes, mobile homes are also built in a factory, but they may or may not be attached to a permanent foundation. Even if your mobile home has a fixed foundation but is situated on rented land, you cannot use a conventional loan to buy it because, in most cases, they are considered “personal property.” You might fare better with a personal or chattel loan.

Who can get a manufactured home loan?

To qualify for a mortgage loan on a manufactured home, you must meet the same minimum credit score, income, and down payment requirements as if you were purchasing a site-built home.

The manufactured home will also have to qualify for the mortgage. In addition to adhering to HUD’s safety regulations, the home must be:

  • A ‘real property,’ not a ‘personal property’;
  • At least 400 square feet of living space;
  • Permanently attached to a foundation on land the borrower owns.

Mortgage Loan Options for Manufactured Homes

If your manufactured home meets the above criteria, you may finance it with a conventional loan or other government-backed mortgages.

1. Manufactured Home Loans by Fannie Mae and Freddie Mac

You can put as little as 3% down for a Fannie Mae, or Freddie Mac manufactured home loan but expect the rates to be slightly higher due to the risk-based fees.

To qualify for Fannie Mae’s MH Advantage loan, the home must be on a piece of land you already own or plan to purchase and must have at least 600 square feet of living space. Freddie Mac has a similar loan program for smaller manufactured homes that finances homes as small as 400 square feet. 

2. FHA Title II Manufactured Home Loans

FHA loans exist to assist credit-challenged borrowers in purchasing an affordable home. Those looking to buy a manufactured home should check out the FHA’s Title II program, which resembles the FHA’s conventional mortgage for newly constructed homes.

The FHA also offers a one-time-close combo land & home loan, which pays for the manufactured home and the land it will sit on. 

3. VA Manufactured Home Loans

The United States Department of Veterans Affairs VA loan program guarantees mortgages for veterans and active-duty service members. The borrower must put in at least a 5% down payment for a VA-backed manufactured loan. The VA can finance the purchase of the land as well. 

Most private lenders offer VA loans with some of the best rates and lowest fees on the market.

4. USDA Manufactured Home Loans

Loans from the USDA Rural Housing program don’t need a down payment. This loan program is suitable for people who want to buy a manufactured home as long as the house is brand new. Like all other USDA loans, USDA manufactured home loans only work in rural and suburban areas and for buyers with incomes that don’t exceed certain limits.

Apply for a Waco Manufactured Home Loan Now!

Private lenders offer manufactured loans throughout the country, but it can be a little more challenging to find one that gives them. The good news is: if you’re looking for a manufactured home loan in Waco and the rest of Texas, Capital Home Mortgage has you covered!

Our mortgage specialists have the experience to help you find a manufactured home loan perfect for your needs and budget! Call (254) 213-7343 now.

Why Waco 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

Waco 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

Waco Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Waco Mortgage Company Reviews

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