A manufactured home can provide the stability and comfort of a traditional home but at a much lower price. Manufactured homes are homes built at a factory—not on a property. After being built and inspected, the home is shipped on a truck to a property for installation (not quite same-day shipping, though).
Manufactured home loans in Michigan are a great way to fast-track your path to homeownership. As long as your future property can fulfill the requirements for Treadstone’s manufactured home loans, you’ll be a homeowner in no time!
Manufactured homes generally require specific financing programs that are not offered by all lenders— that’s where we come in! At Treadstone, we have multiple options available for manufactured homes.
There are several loan options for manufactured homes!
Which suits your needs better: suburban or rural? You may have a low down payment with either, but with a more rural home, you may be able to leverage a USDA/RD Loan.
Some loan programs for manufactured homes have different requirements or restrictions for single-wide and double-wide homes. For example, the manufactured home must have a living area of no less than 400 sq ft for a single-wide or 700 sq ft for a double-wide.
Many Manufactured Home Loan requirements include how new the home is, or what condition it is in. You’ll need to seek a home to fit your loan program, or vice versa. Your Loan Officer will be able to strategize with you!
You’ll need a minimum credit score of 580 before buying a manufactured home! Be sure you minimize negative impacts on your credit before getting a manufactured home loan, by avoiding excessive credit inquiries and paying your bills on time.
Aside from having the coolest mortgage staff on the planet…working with Treadstone on your mortgage in West Michigan gives you a distinct advantage in not only getting your offer accepted, but also in becoming a more successful and enlightened home owner.
Manufactured Home mortgage rates fluctuate daily based on several financial indicators and trends, just like gas prices.
Many of the same programs may be used for both manufactured homes and site-built homes. There are simply additional requirements for manufactured homes.
Your specific mortgage rate is based on your credit profile, income strength, down payment, property features, and more. If you’d like to get an idea of mortgage rates for your circumstances, connect with one of our mortgage pros!
Mobile homes are manufactured homes built before 1976, while manufactured homes were built after 1976. Manufactured homes are regulated by the U.S. Department of Housing and Urban Development; starting in 1976, HUD started regulating the safety and manufacturing of mobile homes. Legally, these homes are referred to as manufactured homes, but “mobile home” is still a casually-used term.
Both types of homes are built in a factory setting, but modular homes are usually customizable, are placed on top of a basement or crawl space, and often are indistinguishable from homes built on-location. On the other hand, manufactured homes are typically delivered as a single or double-wide format with a standardized layout, and do not require a permanent foundation (meaning they can be moved). Modular homes are not built to HUD construction code, cannot be moved from their foundation, and may be legally considered a traditional single-family home.
In general, all modular homes are manufactured homes, but not all manufactured homes are modular homes.
Yes, it is possible to buy a manufactured home with 0% down! You’ll need to get crafty with your Loan Officer to find what works best for you, but Treadstone has plenty of programs to help you purchase a manufactured home with 0% down, or with as little money down as possible.
It is absolutely possible to purchase a manufactured home loan with a past bankruptcy, foreclosure, or short sale.
If you’ve had past financial hardship that you’ve been working on fixing, check out our resource on buying a home with past bankruptcies or foreclosures, and talk one of our Loan Officers to see if you’re eligible.
