- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- Thomas Hall, "Tennessee Loans"
- Contributions:381
If you go FHA there is no difference in regards to downpayment and debt to income ratios in qualifying. But if you go conventional the AUS (automated underwriting system) looks at the property type as an additional layer of risk on conventional financing.
I working a loan right now where the borrower is putting 20% down but the AUS gives a caution on a conventional loan and an accept as FHA.
I working a loan right now where the borrower is putting 20% down but the AUS gives a caution on a conventional loan and an accept as FHA.
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
To clarify...
A fixed foundation mobile home is MUCH different than a mobile home sitting on blocks/wheels. Fixed = much easier to financing but still have some specific guidelines (see my link below)
Non-fixed is a totally different animal that will also require more down.
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
Probably but not all programs are different for a manufactured home. Thus, it depends. If there is a difference it will be in the down payment required. Another thing to watch out for is the the appraisal. It can sometimes be tough to find comparable sales for a manufactured home which will make us lenders scared..
- Dan, "the_country_hick"
- Contributions:4692
You can get a mortgage for a 50 year old house. You can not get a loan on a trailer 40 years old. Even trailers much newer can have problems getting financing. Trailers also have a higher interest rate. Often when doing the math buying a house at a lower interest rate is not much (if any) more expensive than buying a trailer at a higher interest rate is.
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
Yes there is. Feel free to check out the info on our website.
http://www.afrmortgage.com/mobile-home-loans.php#
http://www.afrmortgage.com/mobile-home-loans.php#
Are there different criterias for getting a loan for a home than a manufactured home?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.