USDA loans can offer no down payment requirements, low interest rates and looser income requirements than most loan products, they open the door to homeownership for many Americans who previously had no other options.
USDA loans can offer many benefits for those who use them. With no down payment requirements, low interest rates and less strict income requirements than most loan products, they open the door to homeownership for many Americans who previously had no other options.
USDA loans can even be used on manufactured and modular housing.
Manufactured (mobile) homes are single- or multi-width units that are constructed offsite and transported to the property, then attached to a permanent foundation.
Modular homes are pre-fabricated houses comprised of multiple modules that are typically shipped to the home site in pieces and assembled there by professionals.
The ability to use USDA loans for modular housing and manufactured properties further expands home buying opportunities for lower-income Americans, ensuring they have access – and a way to finance – affordable, safe and high-quality housing.
USDA defines a “manufactured home” as any dwelling unit constructed partially off-site and then transported to a site to be completed and attached to a permanent foundation.
EXISTING: Purchase of a unit on hand that has not been installed, or occupied at any other site or location. Manufactured units may be moved only from the manufacturers or dealer’s lot to the site on which the unit will be guaranteed. This type of unit is eligible as long as the purchase agreement is dated within 12 months of the date the unit was manufactured. The date of manufacture is available on the factory installed plate on the unit. Manufactured home units with a manufacture date exceeding 12 months of the purchase agreement contract will be ineligible for a guaranteed loan.
The Agency will not guarantee an existing manufactured home, which has had additions or structural modifications made to the original home.
The finished grade level beneath the manufactured home shall be at or above the 100- year base flood elevation.
Whether manufactured homes are considered personal or real property may vary state-to-state. When the loan closes, the unit and site must be taxed as real estate by the jurisdiction in which it is located, if such taxation is permitted under applicable law. If applicable state law so permits, any certificate of title to the manufactured home must be surrendered to the appropriate state government authority. If the certificate of title cannot be surrendered, the lender must indicate its lien on the certificate.
Fidelity Home Group has experienced mortgage experts who are experts in the field of USDA Manufactured and Modular Construction Loans. We offer top tier technology, competitive interest rates, and a commitment to help you achieve your dream of homeownership. We can be contacted several ways to help answer any questions you may have: