Finding a lender who will finance a manufactured home can be quite a task, but luckily Riverbank Finance is able to provide programs to help you! It is important to know what to expect and the difference between financing a stick built home and a manufactured home.
There are various programs that will allow for manufactured home financing, including: FHA Loans for Manufactured Homes, VA Loans for Manufactured Homes, and Conventional Loans for Manufactured Homes. For a manufactured home to be eligible for financing, it must have been built after June 15th, 1976. Below is additional information to know before you purchase a manufactured home.
Manufactured Home Financing Requirements Checklist
- Built after 1976
- Not on Rented Land (Trailer Park etc)
- On a permanent Foundation
- Has never been moved since initial installation
- Not in need of major repairs (Leaky roof, holes in flooring etc)
- Has Original Green Title or Affidavit of Affixture recorded
- No Additions without Permits
- All Utilities on and Functional
Manufactured Home Titles
Manufactured homes are titled differently than stick-built homes. For a smooth mortgage process, a buyer needs to find out how the home they are interested in is titled. For manufactured homes, there will be either a green title or an Affidavit of Affixture. The green title is similar to an auto title and must be retired prior to, or at, closing. When the green title is retired, an Affidavit of Affixture application is submitted to the state. This is the process through which the manufactured home becomes legally attached to the property.
What if the Manufactured Home Title is Missing?
If the green title is missing, a replacement must be ordered by the current owners through the Secretary of State; this process can take upwards of two months so should be started immediately if a replacement green title is needed.
If there is already a recorded Affidavit of Affixture tied to the property, then you do not need to worry about the green title.
Manufactured Home Foundation Inspection
When purchasing a manufactured home, an engineer is required to inspect the property and its foundation to verify that it is compliant with wind and snow loan requirements. The engineer will issue an engineer’s certification after the inspection.
Manufactured Home HUD Compliant Data Plate and Tags
Every manufactured home, when built, has two HUD tags and one HUD data plate. The tags are located outside the home, one on each section. The data plate, which is a piece of paper, is in the interior of the home, generally in a cabinet or closet. If any of these are missing, a third part verification is required to be ordered.
If you are aware of the above information, obtaining a mortgage for a manufactured home can be a smooth and enjoyable process. It is important to work closely with your loan officer, title company, real estate agent, and sellers to make sure the manufactured home is financeable and that everyone is on the same page as far as what is required.