Georgia Manufactured home and Georgia Mobile Home Loans requirements are almost the same and they are very similar structures that was built after June 15, 1976. In 1976, the U.S. Department of Housing and Urban Development (HUD) put new safety standards into effect for mobile homes and changed the name of these structures going forward to “manufactured” homes rather than “mobile.” The main difference between manufactured and mobile homes is that manufactured homes abide by the new safety regulations set in place by HUD while mobile homes were built prior to their implementation. Mobile homes were also often intended to be easily movable, whereas many manufactured homes are not built to move after they are assembled. Show
What are the requirements for getting a Georgia Manufactured or Georgia Mobile Home loan?
Georgia Manufactured or Georgia Mobile Home In-Park LoansIf you’re looking to finance a Georgia mobile home in a community, manufactured home. Loan specializes in chattel/in-park financing! The Difference Between Georgia Mobile And Georgia Manufactured HomesBefore we talk about financing, we should clarify the difference between a Georgia mobile home and a Georgia manufactured home – because they’re often used interchangeably. A mobile home is a prefabricated home structure built on a permanent chassis that was constructed prior to June 15, 1976. A manufactured home is a very similar structure that was built after June 15, 1976. In 1976, the U.S. Department of Housing and Urban Development (HUD) put new safety standards into effect for mobile homes and changed the name of these structures going forward to “manufactured” homes rather than “mobile.” The main difference between manufactured and mobile homes is that manufactured homes abide by the new safety regulations set in place by HUD while mobile homes were built prior to their implementation. Mobile homes were also often intended to be easily movable, whereas many manufactured homes are not built to move after they are assembled. How To Qualify For Georgia Mobile Home FinancingFinancing a mobile or manufactured home in Georgia is a little different from financing a house in Georgia because most lenders do not consider these homes eligible for most types of mortgage. Some lenders will give you a loan for a manufactured home if it meets their specific requirements and rests on a permanent foundation, but often it is difficult or impossible for manufactured homes to be considered real property, especially if you don’t own the land under your home. Types Of Loans For Georgia Mobile Or Manufactured HomesFor those looking to finance a mobile or manufactured home in Georgia, you have a few options. Let’s explore each one and some of the requirements plus the pros and cons that come along with them. Conventional LoansMost lenders will not give you a conventional loan for a mobile or manufactured home because these structures are not considered real property. If you have a manufactured home that meets some very specific criteria, however, conventional mortgage sources Freddie Mac and Fannie Mae do actually offer specialized loans. Fannie MaeWhile not all lenders finance manufactured homes, some may offer Fannie Mae’s MH Advantage® program, which allows buyers to finance manufactured homes over 30 years with down payments as low as 3%. To qualify, however, your home will need to fit very specific criteria. For instance, the home must be at least 12 feet wide, have a minimum of 600 square feet, cannot be on leased land, etc These requirements are similar to Fannie Mae’s – the home must be built on a permanent chassis, must be considered real property, has to have at least 400 square feet of living space, etc. FHA LoansThe Federal Housing Administration (FHA) offers home loans with fixed interest rates and lower credit, debt-to-income ratio and down payment requirements that are popular with first-time home buyers. They also offer manufactured home loans called Title I and Title II loans. Title I loans can be used to purchase manufactured homes but not the land on which they sit. There are a few stipulations, such as that the property must be your primary residence, it has to meet FHA guidelines before being placed on a rental site, must be connected to utilities, etc. These loans tend to have short terms (typically up to 20 years) and low loan limits. Title II loans can be used to purchase both a manufactured home and the land it sits on jointly. These loans cannot be used in mobile home parks or on leased land. Mobile homes to do not qualify as it’s required that the home being financed was built after 1976. These loans also require that the manufactured home in question counts as real property. VA LoansSimilar to a Title II FHA loan, if you want to buy a manufactured home and the land it sits on, you can also get a VA loan. VA loans are only available to veterans and qualifying active duty service members through the Department of Veteran’s Affairs. There are many benefits that come with a VA loan, including the ability to put no money down and avoid paying mortgage insurance. To qualify for a VA loan for a manufactured home, your home must be on a permanent foundation, meet HUD guidelines and must be purchased with the land underneath it; mobile homes do not qualify. Comparing Current Georgia Manufactured Home Loan RatesFinding the lowest Georgia Manufactured Home loan rates is very important, that’s why we’ve already searched them for you, getting the lowest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best mortgage rates is a big deal. Current Georgia Mobile Home Loan RatesWhen you “CLICK HERE” you’ll instantly see today’s lowest Georgia Manufactured Home loan rates. If you see an interest rate you like, you can click to head straight to get your Custom Rate Quote. Click Here To See Today's Low Rates Google Reviews See Today's Low RatesCall Us (800-945-1734 Expert advice at your fingertipsOur home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep banker’s hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends. Call us today (800) 945-1734 Get Started Now Eddie Hoskins Founder & CEOProviding our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage. Why should you choose us for your home loan?We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines. Learn More Credit scores a little low?We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours. Learn More “We Think Outside The Box”Our “Outside The Box Thinking” gets home loans approved and closed every day! From Bank Statement as Income loans to 50% debt to income ratio approvals, we do them all. Can you buy a mobile home with a 500 credit score?With an FHA loan you can qualify for manufactured home financing with a FICO score of 500. You can even lock in a pretty competitive interest rate, even with a bad credit score. If you have a FICO score of 575, you can now choose between a Chattel loan or FHA loan.
What FICO score do you need to buy a mobile home?Most lenders require a minimum credit score of 580 to 620 to buy a mobile home. However, you can still get financing with a lower score. You may have to provide a larger down payment and pay a higher interest rate, though.
Can you finance a mobile home in Georgia?Home financing and refinancing in Georgia, including mobile and manufactured homes. Owning a home is a dream for many! Luckily for Georgia homebuyers, eLEND offers affordable home loan options, including an FHA-backed mobile home loan.
How much is the cheapest Clayton mobile home?The lowest-priced single-wide Clayton Homes start at about $25,000. The lowest-priced double-wide Clayton Homes start in the $40,000 range.
|