Manufactured Home Construction To Permanent Mortgages

Manufactured Home Construction To Permanent Mortgages

Gustan Cho Associates are mortgage brokers licensed in 48 states

This Article Is About Manufactured Home Construction To Permanent Mortgages

Manufactured homes are gaining popularity throughout the United States. With today’s technology, manufactured home builders are launching beautiful homes. Many manufactured homes are better looking and better built than stick-built homes. In many instances, you cannot tell whether it is a manufactured home or a stick-built home. 

What Are Manufactured Homes

Manufactured homes are prefabricated and built at the factory of the builder. The prefabricated pieces are then delivered to the job site and built on site. Prior to the delivery of materials, the site needs to be completed with a concrete foundation. Many homeowners will have full basements or walk-out basements for their manufactured homes. Due to being prefabricated at the factory, the costs of manufactured homes are substantially less than stick-built homes. With rising costs to build stick-built homes, manufactured homes are becoming more and more popular. There are various sizes of manufactured homes. In this article, we will discuss and cover manufactured home construction to permanent mortgages.

Financing New Manufactured Home Construction

Great news for manufactured home buyers. Gustan Cho Associates now offers Manufactured Home Construction To Permanent Mortgages with a one-time close. Until now, many homebuyers of manufactured homes had trouble with financing. With our Manufactured Home Construction To Perm Mortgages, buyers can now get financing for the lot, construction costs, and permanent financing via FHA, VA, USDA Loans.

To be eligible, 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 Final Mortgages. In this blog, we will discuss Manufactured Home Construction To Permanent Home Loans 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 a 3.5% down payment. VA and USDA do not require any down payment. The lender will finance the lot, construction costs which include 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

Manufactured Home Construction To Final End 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 two-step construction to permanent loan programs. However, our mortgage program is a one-time close program:

  • 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 final end mortgages is for primary owner-occupant homes only. Maximum Loan amount up to FHA county mortgage limits and USDA area loan limits. FHA requires a 3.5% down payment. USDA and VA have no down payment requirements.

Borrowers need to have at least a 620 credit score. For 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 final home loans can contact us at 800-900-8569 or text us for a faster response. Or email us at The Team at Gustan Cho Associates is available 7 days a week, evenings, weekends, and holidays. 

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