Manufactured Home Construction To Permanent Mortgages
This BLOG On Manufactured Home Construction To Permanent Mortgages Was PUBLISHED On March 14th, 2019
Great news for manufactured home buyers. Gustan Cho Associates at Loan Cabin Inc. now offers Manufactured Home Construction To Permanent Mortgages with a one-time close.
- Until now, many home buyers of manufactured homes had trouble with financing
- With our Manufactured Home Construction To Permanent Mortgages, buyers can now get financing for the lot, construction costs, and permanent financing via FHA, VA, USDA Loans
- Manufactured homes need to sit on a permanent concrete foundation
- Cost for the permanent foundation, permits, drawings, and engineering reports are all covered with Manufactured Home Construction To Permanent Mortgages
On this blog, we will discuss Manufactured Home Construction To Permanent Mortgages and eligibility requirements.
What Does Manufactured Home Construction To Permanent Mortgages Cover
Manufactured home buyers need to meet the down payment requirements on their end loans.
- FHA end loans require 3.5% down payment
- VA and USDA do not require any down payment
- The lender will finance the lot, construction costs which includes the cost of the concrete foundation, and once completed, it will be a permanent end loan
- This is done all in one closing
- There is no need for a bridge loan, financing costs that need to be paid monthly, and no second step mortgage process
- The manufactured home construction to permanent mortgages is closed prior to the start of the construction process
- No need for a second final permanent mortgage process
This loan program is for manufactured and/or modular homes only. Single-wide manufactured homes do not qualify.
Manufactured Home Construction To Permanent Mortgages Process
Manufactured Home Construction To Permanent Mortgages has been designed to be a streamlined process. There is no stress for this loan program. This construction to permanent one-close mortgage program is becoming very popular with home buyers of manufactured homes. Most construction loan programs are a two-step construction to
- One time close mortgages are much cheaper
- One-time close loans are streamlined with only one appraisal required
- No interest payments are required during the construction process
Property Eligibility Requirements And Guidelines
FHA, VA, USDA require all manufactured homes need to sit permanently on a fixed concrete foundation. Home cannot be moved once it is placed on the permanent concrete foundation.
A licensed professional engineer is required to oversee the structural development of the foundation. Needs to be permanent, safe, and per code.
There is a permanent foundation guide that needs to be followed by architects and engineers in charge of the construction of the manufactured home.
- Manufactured home construction to permanent mortgages is for primary owner-occupant homes only
- Maximum Loan amount up to FHA county mortgage limits and USDA area loan limits
- FHA requires 3.5% down payment
- USDA and VA has no down payment requirements
- Borrowers need to have at least a 620 credit score
- Borrowers who do not have a 620 credit score, our team at Gustan Cho Associates will help borrowers raise their credit scores to 620
- There are quick fixes we have to help borrower boost their credit scores
Borrowers who need to qualify for manufactured home construction to permanent mortgages can contact us at 262-716-8151 or text us for faster response. Or email us at firstname.lastname@example.org. The Gustan Cho Team at Loan Cabin Inc. is available 7 days a week, evenings, weekends, and holidays.