Fort Worth Single Close Manufactured Home Loan 

A manufactured home, also called a mobile home or trailer home is a home that was built in a factory and follows the building code set by HUD, the U.S. Department of Housing and Urban Development.

A manufactured home and a mobile home are the same things. HUD began regulating the construction of mobile homes on June 15, 1976, and they were branded “manufactured homes.” This made manufactured home construction uniform independent of state or city, whereas site-built homes must adhere to state and local building requirements.

What is a One-Time Close Construction Loan?

A Single-Close Construction to Permanent loan is a type of home loan that allows a borrower to close both the construction loan and the permanent financing of a new home simultaneously. They’re also known as “construction to permanent,” “single close,” “one-time close construction loan,” “construction conversion,” “CTP,” and “all in one” loans.

The single close CTP loan consolidates the temporary construction loan and the permanent 30-year loan into a single promissory note and deed of trust, allowing the loan closing to occur all at once.

Types of OTC Loan Program

Portfolio lenders offer different versions of construction-to-permanent loans with their respective eligibility requirements. 

• FHA Manufactured Home Loans

FHA will finance a manufactured home based on HUD’s minimum guideline requirement. Borrowers must meet the minimum credit score, income, and down payment requirements like any other FHA loan. However, there are other qualifying factors to be considered.

• • The manufactured home must be built after June 15, 1976;
  • It must be real property, not personal property;
  • Must have at least 400 square feet of living area;
  • Be permanently attached to a foundation and on land that you own.

A “real property” must include the land that can’t be easily removed, like a house, an in-ground pool, or a paved driveway. On the other hand, “personal property” can be moved and used elsewhere, like a car, a boat, or a travel trailer. 

• USDA Manufactured Home Loans

USDA Rural Housing loans for manufactured homes require no money down. The property must also be:

• • Brand new from the dealer;
  • Must be permanently attached to its foundation, built to HUD’s post-1976 criteria, and at least 400 square feet in size;
  • A minimum credit score of 640 is required;
  • Must be located in a USDA-eligible area.

• VA Manufactured Home Loans

The Veterans Administration allows eligible servicemen and women and their eligible spouses to buy a manufactured home with specific qualifying requirements.

• • The manufactured home will be attached to a permanent foundation;
  • Must be used as a primary residence;
  • Escrow impounds for taxes and insurance are required.

• Conventional Loans

FannieMae and FreddieMac offer risk-based fee manufactured home loans. Your credit score will be the primary determining factor in whether or not you are approved for a manufactured home loan. Most lenders in this category seek a credit score in the 700s and a solid credit history.

Apply for a Manufactured Home Loan

Financing a manufactured home differs slightly from financing a traditional home. Talk to our manufactured home loan specialists at (817) 779-7133 to learn more, or apply now!