Houston Manufactured Home Loans

Prices of houses climb when there’s a low inventory of houses in the area you want to live in. It can be more expensive if you build a home from scratch. An affordable alternative for low-income families is to go for manufactured homes. 

Capital Home Mortgage offers maximum financing for one-time close construction and manufactured home loans in Houston.

What Is A One-Time Close Construction Loan?

A one-time close construction loan is a loan program that combines purchasing a manufactured home and the parcel of land where it will be constructed. This loan makes it more convenient for manufactured homebuyers to pay for the house and lot without getting two separate loans. You can also lock in your rate for both purchases and get single funding.

What Is A Manufactured Home?

A manufactured home is a prefabricated house assembled and permanently installed in the lot where it will stand. Before June 15, 1976, people referred to this as a “mobile home.” 

However, the U.S. Department of Housing and Urban Development released safety standards for this type of housing and referred to it as “manufactured homes.”

Home Loan Requirements

The requirements for a one-time close construction loan depend on your chosen loan program. You can get a conventional, FHA, USDA, or VA loan, depending on your qualifications and credit history.

Types Of Construction Loans

Below are the loan programs that Capital Home Mortgage offers for manufactured home loans:

• Conventional Loan

This type of loan has stricter requirements regarding credit scores and asset reserves. You may qualify for this loan if you have a credit score above 620. However, you can get lower interest rates with an excellent financial background and credit history.

• FHA

FHA loans accommodate borrowers that don’t have high credit scores. If your credit score is 580 and above, you can get an FHA one-time close in Houston with as low as a 3.5% down payment. But if your score is 500, you may still qualify if you agree to a minimum of 10% down payment.

The FHA construction one-time close combines the cost of acquiring land and the cost of building a single-family residence in one loan. Borrowers may only close on the loan once, thereby eliminating the closing cost of two loans.

• USDA

The USDA construction loan is for qualifying rural or suburban housing areas. You can choose this loan program if the location of your choice qualifies under USDA requirements. Your household income must not exceed the median income.

• VA

Service members, veterans, or spouses may get a VA construction loan. With the updated VA guidelines, it is now easier to get a VA construction loan, unlike in the past. VA loans require a credit score of at least 620 to qualify.

Get A One-time Close Construction Loan In Houston

Capital Home Mortgage can help you secure the right one-time close construction loan in Houston. Our loan specialists are standing by to answer any questions you may have about the loan process and provide any assistance necessary to ensure an enjoyable home buying experience. 

Call us at (281) 674-7372 to get started on your loan application.