5 Questions to Ask When Qualifying a Manufactured Home Loan

Have you thought about expanding your product selection by offering mobile home financing? At AFR Wholesale we do a large volume of these loans and love working with the buyers and owners of these homes. We have excellent manufactured home financing products for your borrowers with a low down payment requirement, and low interest rates – it’s even an option for those with FICO scores down to 620.

To make entering this segment of the market easier, consider having us process these loans at no additional charge to you through our On-Demand Processing option.

When working with manufactured home borrowers there are a few questions to be sure to ask during qualifying to avoid potential issues down the road. Some of these include:

• When was the home built?
  In order to qualify for our financing it must have been constructed after June 15, 1976 and conform with the National Building Code developed by the US Department of Housing and Urban Development (HUD).
• Is the home on a permanent foundation?
  Another requirement is that the mobile home must be on a permanent chassis.
• Where is the home located?
  To be eligible for our mobile home loan programs the home must be situated on land that is already owned by or is being purchased by the borrower. It cannot be on a rented or leased lot or in a mobile home park where the space is rented.
• Has the home been installed somewhere else in the past?
  The home must be in the location where it was originally installed, and not have been moved from a previous site.
• How large is the home?
  In order to qualify for our FHA manufactured housing programs the home must be greater than 400 square feet. For FNMA programs it must be at least 12 feet wide and at least 600 square feet in size (doublewide and triplewide units only).

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Tags: manufactured home