Capital Home Mortgage Colorado

Colorado Manufactured Home Loans

Manufactured home Lender Colorado

Manufactured Home Financing In Colorado

Mobile vs. Manufactured Homes

A manufactured home is a prefabricated housing produced in a factory and then carried on a trailer chassis to its permanent location. The primary distinction between mobile and prefabricated homes is the date of construction. A factory-made home before June 15, 1976, is a mobile home, whereas one built after that date is a manufactured home, according to the Department of Housing and Urban Development (HUD). Manufactured houses are designed under the national HUD code and must meet stringent construction, safety, and energy efficiency standards. Modular homes, however, are built following all applicable state and local building codes, much like traditional site-made homes.

Another distinction between the two is that manufactured homes can be relocated, whereas modular homes are usually built on a permanent foundation. Furthermore, manufactured homes are frequently less expensive than site-built homes and offer several design alternatives.

Modular vs. Manufactured Homes

Modular homes are built following all applicable state and local building requirements. They are typically installed on a permanent foundation, whereas manufactured homes are made in accordance with the national HUD code and can be moved. Because of the manufacturing process, modular homes may offer fewer design alternatives.

Types of Manufactured Homes

There are several different types of manufactured homes, each with its own unique characteristics and features. Some of the most common types of manufactured homes include:

  • Single-wide homes: 

These are the most common type of manufactured homes, typically 14-16 feet in width and up to 80 feet long. Single-wide homes are typically more affordable than other types of manufactured homes and can be a good option for those on a tight budget.

  • Double-wide homes: 

These are larger than single-wide homes, typically 20-24 feet wide and up to 80 feet long. Double-wide homes offer more living space and may be a good option for families or those who need more room.

  • Triple-wide homes: 

These are the largest type of manufactured home and can be up to 48 feet in width and up to 80 feet long. Triple-wide homes offer even more living space than double-wide homes and may be a good option for large families or those who need a lot of space.

  • Park model homes: 

These are smaller than traditional manufactured homes and designed for temporary or seasonal living. Park model homes are typically less than 400 square feet and can be a good option for those who want a smaller, more affordable living space.

Manufactured Home Financing Options

There are various ways to finance a manufactured house, each with its benefits and drawbacks. Some of the most prevalent methods of financing a manufactured home are:

  • Chattel mortgage: 

This type of loan is specifically designed for manufactured homes and involves the home serving as collateral. Chattel mortgages typically have higher interest rates than traditional mortgages and may require a larger down payment.

  • Personal loan: 

This loan is not secured by the home and may have a lower interest rate than a chattel mortgage. However, personal loans may be more challenging and have shorter repayment terms.

  • FHA loan: 

The Federal Housing Administration (FHA) offers a loan program specifically for manufactured homes. FHA loans may have lower down payment requirements and offer more flexible credit requirements than traditional mortgages.

  • VA loan: 

The Department of Veterans Affairs (VA) offers a loan program for manufactured homes for eligible veterans and active-duty service members. VA loans may offer lower interest rates and may not require a down payment.

  • Conventional mortgage: 

Some lenders offer conventional mortgages for manufactured homes, although these may be more difficult to obtain than other types of financing.

Fannie Mae’s MH Advantage and Freddie Mac’s Choice Home programs are both intended to increase access to affordable manufactured home financing choices. There are, however, some significant differences between the two programs:

  • Eligibility requirements: To be eligible for the program, MH Advantage homes must have specified construction and design elements, such as specific external and interior features that make the homes more equivalent to site-built homes. On the other hand, Choice Home residences must meet specified building and quality criteria, but no specific design characteristics are necessary to qualify for the program.
  • Minimum down payment: MH Advantage houses demand a 3% down payment, whereas Choice Home homes require a 5% down payment.
  • Loan terms: MH Advantage loans can last up to 30 years, while Choice Home loans can last up to 25 years.
  • Loan limits: MH Advantage loan limits vary by location and are generally greater than Choice Home loan restrictions.

The key differences between these financing options are interest rates, down payment requirements, and credit requirements. Chattel mortgages typically have higher interest rates and may require a larger down payment, while FHA and VA loans may have lower down payment requirements and flexible credit requirements. Personal loans may have lower interest rates but may be more challenging to obtain. Conventional mortgages may be difficult to obtain.

In summary, there are several different ways to finance a manufactured home, each with its own advantages and disadvantages. The best option will depend on individual financial circumstances, credit history, and other factors.

Apply for a Manufactured Home Financing in Colorado

Because manufactured house loans are deemed high-risk, many lenders avoid them. The good news is, we don’t! Capital Home Mortgage offers manufactured home financing, including a construction-to-permanent option with a one-time closing. 

Our Home Loan Specialists are always available to answer your inquiries regarding our Colorado Manufactured Home Loan options. We may be reached at (303) 226-1177.

Colorado Manufactured Home Loans

There are different financing options for a manufactured home in Colorado. Depending on whether You are getting a Type I or Type II manufactured home. Let’s first define what a manufactured home is.

What is a Manufactured Home?

A manufactured home is a single-family house produced wholly in a controlled factory environment, according to the federal Manufactured House Building and Safety Regulations known as the “HUD code.”

The Department of Housing and Urban Development (HUD) regulates manufactured homes and mobile homes. The sole distinction between the two types of houses is the date of construction. HUD defines a mobile home as one built before June 15, 1976, and a manufactured home as one built after that date.

Modern manufactured homes are available in three basic floor plans:

  • A single-wide home is constructed in one long piece.
  • Double-wide: Two sections put together to form a larger home. This design is popular among first-time home purchasers.
  • Triple-wide: A less frequent type that combines three parts to create a larger, more spacious home.

Modular vs. Manufactured Homes

A modular home is like a regular house, built on a permanent foundation. Part of the house is made in a factory and then shipped to the homeowner’s lot. Local building codes and standards must be followed when building a modular home in the area where it will be put.

There are many different types and sizes of modular homes. It can be hard to distinguish between a modular home and a traditional stick-built home. Like traditional homes built on-site, the value of modular homes goes up and down with the conventional housing market.

The main distinction between modular and manufactured homes is that modular homes must adhere to the same municipal, state, and regional building codes as on-site homes. Manufactured homes must conform to a federal code established by the Department of Housing and Urban Development (HUD) and are mobile.

Types of Manufactured Homes 

Type II prefabricated homes are located in mobile home parks or on land rather than on permanent foundations.

Most single-family loans cover financing for manufactured homes permanently tied to the land. These are also known as Type I manufactured homes.

Manufactured Home Financing Options

We’re a top lender for manufactured homes and affordable housing with a wide range of program alternatives, and we’re committed to helping you get a mortgage. The following programs are available financing options for manufactured homes in Alaska.

  • Conventional

Conventional-conforming loans are available for manufactured homes in Alaska. The minimum down payment required is 5%. All other conventional loan requirement applies to finance a manufactured home.

  • FHA

All FHA loans require a down payment of 3.5% of the sales price. 

  • VA

The Veterans Affairs home loan program is a no-down payment option for servicemen, women, and their eligible spouses. 

  • USDA

USDA home loan offers 0 down payment for eligible borrowers.

  • Fannie Mae MH Advantage

MH Advantage is a loan product for manufactured homes with flexible underwriting standards for homes that adhere to specific construction, architectural design, and energy efficiency requirements.

  • Freddie Mac ChoiceHome

The CHOICEHome Affordable Mortgage Initiative offers conventional site-built financing for real-property factory-built homes built to the HUD Code and with the same features as a site-built home. When a factory-built home meets specific requirements, it gets CHOICEHome certification and can be financed through CHOICEHome.

Apply for a manufactured home loan.

Families no longer need to wait to own a home, as more innovative and inexpensive housing options are available. For further information, contact Home Loan Experts at (303) 226-1177. We are eager to collaborate with you.

Manufactured Home Loans Alaska

A prefabricated home is a residential building made in a factory off-site, moved to its final location, and then installed on a foundation. A more precise definition is that a prefabricated home is any house built in a factory after June 15, 1976. The federal rules governing the construction of mobile homes were created on that date by the US Department of Housing and Urban Development (HUD).

Homes that are manufactured, mobile, or modular

Prior to 1976, mobile homes were manufactured in large quantities in response to the demand for affordable, mobile housing, but there were no regulations on building standards. People had to move to locations where there was work starting in the early 1900s in order to support their families, which is how the mobile home came to be.

These earliest mobile homes had wheels that made them portable and an exposed trailer coupler that resembled a modern camper or trailer. Typically, the home was built on steel I-beams that went end to end and were set on either a concrete foundation, concrete blocks, wooden blocks, metal supports, or metal supports.

Although the phrase “mobile home” is still widely used outside of the federal government, all transportable, factory-built dwelling types are now considered constructed under HUD rules. The department provides information on the necessary amounts of energy, wind, and snow for this kind of home.

Modular homes are created in sections, which are then transported and assembled on the construction site. The components, or modules, are joined together during construction much like in a typical house even though some portions of the structure were constructed in beforehand.

Similar to mobile homes, modular homes are built in a factory before being transported to the building site. The main difference between manufactured and modular homes is that the former are built in accordance with the national HUD code. Modular homes, on the other hand, are constructed in accordance with all relevant federal, state, and municipal building codes.

Finance For A Mobile Home

A construction loan could lessen your financial burden while helping you finance the development of a mobile home. A construction-to-permanent loan will change into a mortgage loan once construction and inspections are finished. For construction financing, a typical credit score of 620 and 20% down payment are required, respectively.

A manufactured house, a developed property on which to erect a manufactured home, or both may be purchased or refinanced using a HUD Title I loan. The borrower must dwell in the property as their primary residence.

The borrower of a Title I loan is not required to purchase or own the land where their manufactured house will be situated. Instead, borrowers can rent a site lot, such as one in a manufactured home community or mobile home park. HUD mandates that the lessor give the manufactured homeowner a three-year initial lease term when leasing the land or lot. The lease must also provide that the homeowner will receive written notice of any termination of the agreement at least 180 days beforehand. In the event that the landowners sell the property or close the park, these lease provisions are intended to safeguard homeowners.

Apply for a loan for a manufactured home

For individuals at the lower end of the price range, buying a manufactured house provides a secure and affordable route to homeownership.

If you think a prefabricated home loan would be your best choice, get in touch with one of our lending experts at Capital Home Mortgage right away at (907) 531-5048. You may count on our mortgage experts to offer real, dependable guidance on any topic relating to mortgages.

Why Colorado 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 Mortgage Payment

Colorado 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 the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Colorado Manufactured Home Loans

The One Time Close Manufactured Home Loan offer options to purchase your dream home on your own land. Call today to speak to a Loan Officer.

  • Purchase the Home and Land Together
  • Include the Utilities and Home Setup
  • Lock Rate at Contract
  • Variety of Loan Programs to Choose From.
Colorado Mortgage Programs

Colorado Home Purchase

Thinking of Buying a Colorado 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

Colorado renovation home loans

Looking to Rehab a Colorado 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

Colorado FHA Home Loans

Great for 1st Time Colorado 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

Colorado VA Home Loans

100% Financing for Colorado 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

Colorado Conventional Home Loans

Flexibility for Colorado 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

Colorado Jumbo Home Loans

Colorado 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

Colorado USDA Home Loans

100% Rural Colorado 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

Colorado Native American Loans

Colorado 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

Colorado Manufactured Home Loans

Great Alternative Colorado Housing

The One Time Close Manufactured Home Loan offer options to purchase your dream home on your own land. Call today to speak to a Loan Officer.

  • Purchase the Home and Land Together
  • Include the Utilities and Home Setup
  • Lock Rate at Contract
  • Variety of Loan Programs to Choose From.

Colorado reverse mortgages

Your Colorado 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

Colorado Non QM Home Loans

Making Colorado 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

Colorado One Time Close mortgages

Build Your Colorado 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

Colorado Refinance Mortgage Loans

Colorado 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

Colorado Cash-out Home mortgages

Colorado 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

Colorado Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Brad Rund

Director Native American Lending
Director Manufactured Housing

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Kathy Rubin

Sr Loan Officer
NMLS 204449

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