Capital Home Mortgage Austin

Austin Manufactured Home Loans

Austin Manufactured Home Lender

Manufactured Home Loans In Austin

Manufactured houses provide an economical homeownership alternative for certain families, and recent advancements in quality and safety have made them more appealing.

What is a Manufactured Home?

Factory-built dwellings that may be installed on a plot of land are referred to as manufactured housing. Styles range from little trailers to houses that appear to be erected permanently on a site. The technical definition of a manufactured home is any factory-built home built and constructed after June 15, 1976.

Mobile vs. Manufactured Home

The United States Department of Housing and Urban Development (HUD) established the federal regulations governing the construction of mobile homes on June 15, 1976. If you purchase a prefabricated home built before June 15, 1976, you are purchasing a mobile home; however, if you buy a new one or one made after that date, you are purchasing a manufactured home.

Manufactured homes today exhibit little resemblance to mobile homes of the past. They often provide a variety of floor plans and interior options, ranging from essential to intricate designs with vaulted ceilings, drywall, fully equipped modern kitchens, comfortable bedrooms with walk-in closets, and bathrooms with recessed bathtubs and whirlpools.

Financing a Manufactured Home Purchase

Capital Home Mortgage provides competitive interest rates on fixed-rate, and adjustable-rate mortgages, which are popular with Austin manufactured home purchasers. If you have more particular financing requirements, one of the following options may be ideal for you:

  • FHA Construction Loan One-Time Close (OTC)

Borrowers can finance the acquisition of a lot, new home construction, and permanent mortgage with one loan and one closing with the FHA One-Time Close Loan. A consolidated closing saves you both time and money. When the loan converts to a permanent mortgage, you pay a single set of closing expenses, and there is no need to re-qualify.

The FHA also provides a Title I program. A Title I loan can be used to buy or refinance a manufactured home, a developed property on which a manufactured house can be built, or a manufactured home and lot combination. The home must be the borrower’s primary residence.

  • VA Construction Loan

Many VA borrowers find manufactured homes appealing, but they frequently have drawbacks. They must meet the lender’s minimum property criteria and other guidelines. To be eligible for a 30-year VA loan, manufactured homes must be attached to a permanent foundation and classed as real property, brand new or used. They will also need to meet the VA’s Minimum Property Requirements significantly.

Borrowers frequently obtain a construction loan from a builder or a local lender, then refinance that short-term loan into a permanent VA mortgage once the home is completed. This is a frequent route for stick-built prefabricated homes and new manufactured homes.

  • USDA Construction Loan

The USDA has made financing easier by offering construction-to-permanent loans through its Single-Family Housing Guaranteed Loan Program. Buyers can use a single closing loan instead of two separate loans for construction and the home itself.

The USDA construction loan OTC combines a construction loan and standard USDA mortgage into a single transaction. Borrowers have only one mortgage closing before construction begins. They only have one promissory note and one set of closing costs. When the building is finished, you’ll be left with a 30-year fixed rate.

  • Conventional Construction Loan

Most manufactured home buyers prefer a construction-to-permanent loan since it covers the construction of your manufactured home and the mortgage that follows. This not only saves time and paperwork, but it also means you just have to pay closing fees once.

With a conventional loan, the buyer is only responsible for interest payments on funds released throughout the construction term. All payments are disbursed as needed, with signatures from buyers and dealers on each draw.

Apply for a Manufactured Housing Mortgage

A manufactured home is a low-cost option for dealing with the present housing problem. Please discuss your prefabricated home financing queries and concerns with our home loan specialists.

Call us at (512) 237-7400 and get started on your application for a home loan.

Why Austin is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Austin Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Austin Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Austin 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

Benefits of an Austin Manufactured OTC Home Loan

  • More Affordable than Traditional Builds
  • Combine Land and Home into the Purchase
  • Lock Today’s Rate
    • Remove the risk by Locking the Final Rate ahead of the Completion.
  • Close One Time
    • Reduce costs by closing once and save from having to repeat fees.
Manufactured Home Loan Benefits
  • More Affordable than Traditional Builds
  • Combine Land and Home into the Purchase
  • Lock Today’s Rate
    • Remove the risk by Locking the Final Rate ahead of the Completion.
  • Close One Time
    • Reduce costs by closing once and save from having to repeat fees.
Not Sure? Take a Look at Other Austin Mortgage Programs

Austin Mortgage Team

Conor Hayhurst

Managing Director
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

Chris Erwin

Loan Officer
NMLS 914064

Dale Gremillion

NMLS 210325

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