Along with following HUD’s post-June 15, 1976, safety regulations, the home must: The manufactured home will also have to qualify for the mortgage. To get a mortgage loan on a manufactured home, you’ll have to qualify as a borrower by meeting minimum credit score, income, and down payment requirements - just like you would if you were buying a site-built home. If the home can’t clear a few more qualifying hurdles, you may need an alternative form of financing. Homes built to HUD’s safety standards usually have a “HUD tag” attached to them.īut, even if the manufactured home you’re buying was built to HUD’s standards, it may not qualify for a traditional mortgage. That June day in 1976 is important because it’s when the Department of Housing and Urban Development (HUD) started regulating the safety of manufactured homes. And if not, there are some other alternatives These homes might qualify for a mortgage loan. Manufactured homes: Built on or after June 15, 1976, following government safety regulations.Mobile homes: Built prior to June 15, 1976, these homes will not qualify for a mortgage loan it may be hard to get any secured financing at all.The difference matters when you’re trying to finance a new home: People tend to use these terms interchangeably, but there is a difference. What’s the difference between “mobile homes” and “manufactured homes?” Your best option will depend on your eligibility as a borrower, the type and age of the home you’re buying, and whether your new home is considered ‘real property’ or ‘personal property.’įinancing manufactured homes versus mobile homes FHA loans, along with loans backed by the USDA and VA, could also finance a manufactured home. Some manufactured homes qualify for conforming mortgages, the standard financing option for traditionally-built homes. And not all lenders offer this type of home loan. It’s possible to get a manufactured mortgage but the process is different from financing a traditional, site-built home. Octo12 min read Financing your manufactured home
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