Capital Home Mortgage New Mexico

New Mexico Manufactured Home Loans

New Mexico Manufactured home Lender

Manufactured Home Loans In New Mexico

What is a Manufactured Home?

A “manufactured home” is a single-family residential unit built after July 15, 1976, constructed in a factory in sections following the Federal Manufactured Home Construction and Safety Standards.

A manufactured home, as defined by HUD, is a structure constructed in accordance with the Manufactured Home Construction and Safety Standards (HUD Code) and displaying a red certification label on the exterior of each transportable section. The design and construction of a manufactured home must adhere to the Federal Manufactured Construction and Safety Standards and have a permanent chassis. It is at least 400 square feet and intended for use as a habitation with a permanent foundation constructed according to FHA standards.

HUD standards and regulations ensure that manufactured homes adhere to quality and safety standards, including fire resistance, energy efficiency, electrical wiring practices, and heating systems. The HUD Code for manufactured homes was enacted on June 15, 1976, and it applies to structures built on or after that date.

Manufactured, Mobile and Modular Homes

Mobile homes are prefabricated homes constructed before June 15, 1976, whereas manufactured homes are those built after that date. On June 15, 1976, the U.S. Department of Housing and Urban Development established new construction standards for pre-built homes, giving birth to this distinction. After this date, dwellings had to comply with the HUD Code and are referred to as manufactured homes.

Manufactured homes are typically constructed with more durable materials than mobile homes, typically built with lighter-weight materials. Moreover, if necessary, manufactured homes can be relocated with a qualified manufacturing home moving company’s assistance.

The main difference between a modular and a mobile home lies in how they are built and the codes they adhere to. Modular homes are built in large pre-assembled sections and then pieced together at the site, while mobile homes (also known as manufactured homes) are built entirely at the factory and then shipped in one piece to the site. Modular homes are constructed according to all applicable state and local building codes, similar to traditional site-built homes. On the other hand, mobile homes are built to the national HUD code, set by the Department of Housing and Urban Development.

Another key difference is that mobile homes have the potential to be moved, whereas modular homes are built on permanent foundations. Modular homes are placed on private property, while mobile homes can be placed on private property or within mobile home parks. Additionally, the cost of manufactured homes is generally lower than that of modular homes, with estimates ranging from $40 to $50 per square foot for manufactured homes and starting around that level but potentially reaching $100 per square foot or more for modular homes.

Manufactured Home Financing In Florida

  • Fannie Mae MH Advantage

The Fannie Mae MH Advantage program is a homeownership option that provides innovative and affordable financing for specially designated manufactured homes featuring site-built characteristics. The program aims to offer increased financing options for manufactured housing and close the gap between affordable housing and traditional site-built residences.

MH Advantage offers flexible underwriting standards and reduced pricing for manufactured homes that meet specific construction, architectural design, and energy efficiency standards. Homes eligible for MH Advantage must be built according to specific design criteria. Fannie Mae has agreements with manufacturers that allow them to apply an MH Advantage sticker to multi-width manufactured homes meeting these criteria.

Qualified applicants may finance up to 97 percent loan-to-value (LTV) through the MH Advantage program. The program provides financing options for both MH Advantage homes with site-built features and single-width manufactured homes that are more affordable. MH Advantage is intended for something other than low-income consumers, with typical loan amounts between $200,000 and $250,000.

  • Freddie Mac ChoiceHome 

The Freddie Mac CHOICEHome program is an innovative, cost-effective mortgage initiative that provides conventional site-built financing for real-property factory-built homes constructed in accordance with the HUD Code and featuring site-built characteristics.

CHOICEHome is a new type of high-quality manufactured home, built to HUD code but developed with site-built features. The program is designed to provide more options and credit flexibility for very low-to-low-income borrowers, helping them achieve homeownership with a down payment as low as 3%.

  • FHA Title I Program

Under the Title I program, FHA-approved lenders finance purchasing or refinancing a manufactured home and lot using their own funds. FHA protects the lender from loss in the event of borrower default. Credit is extended based on the applicant’s credit history and capacity to repay the loan in monthly installments.

FHA does not make loans; it insures loans to incentivize mortgage lenders to lend. Title I manufactured home loans are not loans or grants from the federal government. The negotiated interest rate between the borrower and lender must be fixed for the entire loan term, typically 20 years.

A Title I loan may be used to purchase or refinance a manufactured home, a developed lot on which to locate a manufactured home, or both. The dwelling must serve as the borrower’s primary residence.

For Title I insured loans, borrowers are not required to purchase or own the land on which they will position their manufactured home. Borrowers can instead lease a lot, such as a site lot in a manufactured home community or mobile home park. HUD requires the lessor to provide the manufactured resident with a three-year initial lease term when the land/lot is leased. In addition, the lease must stipulate that the householder will receive at least 180 days’ written notice before the lease’s termination. These lease provisions safeguard householders if the lessors sell the land or close the park.

  • VA Loan for Manufactured Homes

Veterans and military members can use their VA loan benefits to purchase a manufactured (mobile) or modular home through the VA manufactured home loan program. VA-guaranteed financing may be used for a variety of manufactured home-related purposes, including:

  • Purchasing a manufactured home and lot; 
  • Purchasing and enhancing a lot to put a manufactured home you already own and occupy;
  • Refinancing a manufactured home loan to buy land;
  • Refinance an existing VA loan for a manufactured home to lower the interest rate.

Borrowers with VA home loans can purchase a mobile or manufactured home without purchasing land to place it on or purchasing both the home and land. When a creditor wishes to buy a mobile home and put it on land they already own, the loan amount may include the home’s purchase price.

VA manufactured home loan applicants must meet minimum credit score, income, and down payment requirements like other mortgage loans.

Apply for a Manufactured Home Loan in New Mexico

Numerous lenders avoid manufactured home loans because they are regarded as high-risk. Fortunately, we do not! Capital Home Mortgage provides financing options for manufactured homes, including a construction-to-permanent option with a single closing

Our Home Loan Specialists are always available to answer questions about our Florida Manufactured Home Loan options. You can reach us at (505) 448-8884.

Why New Mexico HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates and Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

New Mexico 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

New Mexico Manufactured Home Loans

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans
New Mexico Mortgage Programs

New Mexico Home Purchase

Thinking of Buying a New Mexico 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

New Mexico renovation home loans

Looking to Rehab a New Mexico 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

New Mexico FHA Home Loans

Great for 1st Time New Mexico 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

New Mexico VA Home Loans

100% Financing for New Mexico 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

New Mexico Conventional Home Loans

Flexibility for New Mexico 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

New Mexico Jumbo Home Loans

New Mexico 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

New Mexico USDA Home Loans

100% Rural New Mexico 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

New Mexico Native American Home Loans

New Mexico 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

New Mexico Manufactured Home Loans

Great Alternative New Mexico Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

New Mexico reverse mortgages

Your New Mexico 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

New Mexico Non QM Home Loans

Making New Mexico 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

New Mexico One Time Close Home Loans

Build Your New Mexico 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

New Mexico Refinance Mortgage Loans

New Mexico 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

New Mexico Cash-out Home mortgages

New Mexico 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

New Mexico Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Kathy Rubin

Sr Loan Officer
NMLS 204449

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