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 is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Brownsville Rates

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Brownsville Customer Service

7  Day a Week Support from Application to Final Mortgage 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 the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Benefits of a Brownsville 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 Brownsville Mortgage Programs

Brownsville Mortgage Team

Conor Hayhurst

Manager
NMLS 743506

Damon Embler

Sr Loan Officer
NMLS 882260

chris erwin

Sr Loan Officer
NMLS 914064

Dale Gremillion

Manager
NMLS 210325

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