Illinois Manufactured Home Loans

What Is A Manufactured Home Loan?
Manufactured home loans are designed for factory-made homes built on a permanent chassis, and generally come in single or two-section units. This option offers various types of loans for homebuyers: FHA, VA, and conventional loans.

What Are The Advantages Of A Manufactured Home Loan?
They may be small homes, but don’t be fooled – they come with big benefits. If you’re considering a manufactured home loan, these are some of the advantages:

Manufactured home loan rates are affordable
You can choose between a conventional, FHA, or VA loan
Down payment options as low as 3.5% for FHA and 5% for conventional
Manufactured homes are environmentally friendly
The Requirements Of A Manufactured Home Loan
To find out if a property qualifies for a manufactured home loan, it makes sense to seek the advice from a lender, like us. But here are some general guidelines:

The home was built on or after June 15, 1976
Has no wheels and is designed as a single-family dwelling
Has a minimum of 400 sq. ft. for an FHA mortgage
Has a minimum of 600 sq. ft. for a conventional loan
Is permanently affixed to the property site for more than 12 months
You have a credit score of at least 580 for an FHA or 620 for a conventional
(Other restrictions may apply, depending upon product and State.)
If you like small home living, or If you’re a renter and want to take the first step to homeownership, a manufactured home loan could be right up your alley.

Our Mortgage Brokers are ready to answer your questions (888)416-0920.

Get Pre-Qualified Now!

Loans starting at $60,000

    After clicking submit the credentials of your Mortgage Consultant will be sent to you via email.