Capital Home Mortgage Midland

Midland Manufactured Home Loans

Midland Manufactured home Lender

Midland Manufactured Home Loans

Formerly known as “mobile homes,” today’s manufactured houses have come a long way from the trailers of decades past.

Today’s manufactured homes come in various designs and features and are made to look like regular “stick-built” or “on-site” homes. Plus, they are safer, more energy-efficient, and can be purchased for significantly less money than conventional homes.

What are Manufactured Homes?

A manufactured home is a home that has been constructed in a factory according to federal HUD codes. They are transported to the property on a permanent steel “chassis” that will serve as structural support once the home has been installed. 

A manufactured home can qualify for a mortgage if it is considered “real property,” which means it is permanently affixed to land you own or lease, sits on a permanent concrete foundation, and has had its axles removed. 

While many people may use the terms interchangeably, mobile homes and manufactured homes are two distinct housing types. The term “mobile home” refers to factory-built houses constructed before June 15, 1976, when HUD passed the National Manufactured Housing Construction and Safety Standards Act. 

How Much Do Manufactured Homes Cost?

According to the most recent U.S. Census data, a manufactured home typically costs around $88,000. However, the cost of a manufactured home can vary depending on size, floor plan, and features. You can choose from dozens of features and a wide range of floor plans, including single-, double-, and triple-wide options.

Also, the home must be permanently attached to the land. If you already own the land, you can finance the manufactured home. If not, get a home loan to cover the cost of both the land and the dwelling. 

The construction-to-permanent loan is popular because it consolidates financing a new manufactured home and the land purchase into a single mortgage, saving you money on closing costs.

How Can I Finance a Manufactured Home?

Manufactured home financing is available via conventional and government-guaranteed loan programs so long as certain conditions are met. 

     1. Conventional Loans

While not all financial institutions are willing to provide financing for mobile or manufactured homes, Fannie Mae and Freddie Mac offer manufactured loan options if both the borrower and the home meet their standards. Fannie Mae and Freddie Mac will only finance manufactured homes if they are constructed on a permanent chassis, meet real property standards, and have at least 400 square feet of living space.

     2. FHA Loans

The interest rates offered by the FHA are very competitive and often the lowest of any loan program. Manufactured home buyers can apply for a loan from the FHA under Title I or II.

Title I loans can be used to buy a manufactured home, but not the land it is on. On the other hand, Title II loans can be used to acquire both a prefab home and the land on which it will be built. These loans are not available for mobile home parks or rented properties. 

     3. USDA Loans

Manufactured home buyers in rural areas eligible for USDA financing can apply for a loan to cover the cost of their manufactured home purchase. The USDA guarantees these loans, making it possible to borrow the total value of a home without having to come up with a down payment. Borrowers must earn no more than 115% of the county median income to qualify for the program.

     4. VA Loans

VA loans are available for purchasing manufactured homes and the land they sit on, much like Title II FHA loans. The Department of Veterans Affairs offers VA loans exclusively to veterans and active-duty service members who meet specific requirements. If you are eligible, you can get a VA manufactured home loan with no down payment and no mortgage insurance, among other advantages.

     5. HUD-184 Loans

Native American homebuyers can use the HUD-184 Single Close Construction to finance a stick-built, modular, or manufactured home that meets their needs. If you are a member of a federally-recognized tribe, speak with one of our Capital Home Mortgage’s home loan experts to see if the HUD-184 Single Close Construction loan is right for you.

Let’s Discuss Your Manufactured Home Loan Options

Many lenders steer clear of manufactured home loans because they are considered high-risk. The good news is that — we don’t! Capital Home Mortgage provides financing for manufactured homes, including a construction-to-permanent option with a one-time closing. 

Our home loan specialists can answer your questions about our Midland Manufactured Home Loan products anytime. We’re just a call away at (432) 218-4828!

Why Midland HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Midland 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 mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
Texas Mortgage Programs

Texas Home Purchase

Thinking of Buying a Texas Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Texas renovation home loans

Looking to Rehab a Texas Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Texas FHA Home Loans

Great for 1st Time Texas Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Texas VA Home Loans

100% Financing for Texas Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Texas Conventional Home Loans

Flexibility for Texas Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Texas Jumbo Home Loans

Texas Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Texas USDA Home Loans

100% Rural Texas Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Texas Native American Home Loans

Texas HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Texas Manufactured Home Loans

Great Alternative Texas Housing

Texas reverse mortgages

Your Texas Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Texas Non QM Home Loans

Making Texas Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Texas One Time Close mortgages

Build Your Texas Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Texas Refinance Mortgage Loans

Texas Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Texas Cash-out Home mortgages

Texas Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Midland Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

Midland Mortgage Company Reviews

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