College Station Manufactured Home Loans

Are you looking for a home loan option that offers land and home combination purchase? Our manufactured home loans may be exactly what you need. 

“Manufactured home” is a term that replaced mobile homes after June 15, 1976. The U.S. Department of Housing and Urban Development regulated mobile homes and upheld safety standards on that date. Hence, all mobile homes purchased afterward are now referred to as manufactured homes. 

One of the main advantages of manufactured home loans is their One-Time Close Home/Land combination. This allows you to achieve maximum financing by closing your mortgage loan as if the home was already set up on the land. Because it’s a one-time close, you save on certain costs, such as escrow, repeat title, and some loan fees.

If you want to have a manufactured home loan in College Station, there are several home mortgage products that you can check. Here’s a quick snapshot. 

FHA Title I Loans

Title I loans are loans for purchasing a new or used manufactured home. You can also use the loan to repair and improve used manufactured homes. You can get Title I loans even if you don’t own the land where the house stands as long as it is situated in a manufactured home community and there is a signed lease for the lot with an initial term of three years.

FHA Title II Loans

Title II loans are loans for purchasing the manufactured home and the land where it stands. Unlike Title I loans, you get to own the house and lot. Requirements include: 

• Minimum floor area of 400 square feet;
• The manufactured home must be constructed after June 15, 1976;
• The property is classified as real property;
• The home is built on a permanent chassis;
• The loan must cover both the house and land

If the land where the manufactured home stands are leased, Title II loans can’t apply. This scenario is expected if the mobile home park is leased land.

MH Advantage Program

The MH Advantage Program is administered under the Federal National Mortgage Association or Fannie Mae. To qualify under Fannie Mae’s program for manufactured homes, you must satisfy the following eligibility criteria:

• Installing a driveway
• Installing a sidewalk that connects the driveway, carport, or detached garage
• Compliance with construction, architectural design, and energy efficiency requirements

FreddieMac ChoiceHome Mortgage Program

The FreddieMac ChoiceHome Possible Mortgage Program is under the Federal Home Loan Mortgage Corporation. Freddie Mac offers conventional financing for qualified borrowers. You can also choose between fixed-rate mortgages with terms 15, 20, or 30 years and adjustable-rate mortgages with terms 7/1 or 10/1. 

VA Loans

Members of the military or their surviving spouses may get a VA loan for a manufactured home. You can use the loan to buy a manufactured home only, buy both the house and the land where it will stand, or refinance a current loan. VA loans can give up to 100% financing on manufactured homes.

Apply For A Manufactured Home Loan Today

Capital Home Mortgage offers and finances manufactured home loans in College Station. Talk to us today about your home loan needs, and we’ll happily walk you through how to get started. Our experienced mortgage team is committed to providing you with a hassle-free home-buying experience. 

Call us at (979) 393-0049 to get started with your Manufactured Home Loan application.