Loan programs

Conventional Manufactured Home Loan

Ideal for: individuals who have down payment funds available.

A conventional loan gives you the flexibility to make a small or larger down payment, depending on your needs.

Highlights:

• Down payment as low as 5% with gift funds allowed (95% financing)
• Qualifying FICO credit score 620
• 30-year fixed-rate 
• Limited Cash-Out refinance option allowed for owner-occupied residence, up to 65% LTV with a 20-year term
• No mortgage insurance at 80% or less LTV
• Seller contributions allowed
• Gift funds allowed (additional guidelines apply; primary residence only)

FHA Manufactured Home Loan

Ideal for: homebuyers who may not have the resources for a large down payment.

Backed by the federal government, the FHA loan is a popular program for first-time homebuyers and individuals and families with low and moderate income levels.

Highlights:

• More liberal qualification requirements
• FICO 620 but with exceptions can go lower
• Lower down payment - minimum 3.5% down (96.5% financing)
• Gift funds are allowed for down payment
• Up to 6% seller contributions allowed
• Attractive interest rates
• Lower monthly mortgage insurance

Must be double wide; no single wide housing allowed (unless located in Fannie Mae-approved subdivision, condo or PUD project development). Home must be attached to a permanent foundation system.

FHA 203(k) Renovation Home Loan

Ideal for: homebuyers or owners who want to purchase or refinance and remodel their home.

The FHA 203(k) enables homebuyers to roll the cost of repairs, renovation, rehabilitation* and home improvements into one monthly mortgage payment. If you’re looking to refinance your current mortgage to make changes, you can easily use the loan to pay for current tie-down requirements, soft spots on the floor (problems with moisture barrier), leveling for a sinking foundation, single pane windows, current electrical problems, and more.

Highlights:

• Minimum 3.5% down; qualifying FICO is 620
• 30-Year FHA fixed rate
• Gifts are eligible for down payment
• Up to 6% seller contributions allowed
• Good loan option for fixer uppers

*Rehabilitation on a manufactured home must not affect the structural components of the structure that were designed and constructed in conformance with the Federal Manufactured Home Construction and Safety Standards and must comply with all other requirements for Manufactured Housing.

USDA Rural Development Construction Home Loan 

Ideal for: homebuyers who want to borrow and build their own home.

With 97% of U.S. land mass qualifying as USDA-eligible, including many suburban areas, you can buy land, or use land you already own, to build a home to your specifications.*

Highlights:

• No down payment option (100% financing)
• One loan and one closing saves you time and money
• Easy and fast loan processing
• Loan is fully funded before construction begins
• Finance costs and reserves into the loan (up to appraised amount)

*Housing Assistance Council, Washington, D.C. (9/2011)

VA Manufactured Home Loan 

Ideal for: veterans and active military.

If you’re a qualified veteran or currently active in the military, you can use your VA benefits to purchase a manufactured home with a 100% financing option.

Highlights:

• Qualifying FICO 620 – can make exceptions
• 30-year fixed financing
• No private mortgage insurance (one-time funding fee required)
• Maximum loan amount: $417,000
• 100% financing; zero down payment**
• Refinancing available

**Down payment and other figures shown are for informational purposes only and are not intended as an advertisement or commitment to lend. Not all borrowers qualify; contact us for a specific quote and more information on fees and terms.

Refinance

Ideal for: homeowners who want to lower their mortgage rates.

Interest rates have dropped. This could be a good time to consider refinancing your current mortgage into a new one with a lower rate.  You may want to refinance if:

• Interest rates are lower than when you first bought 
• You want to pay off your home faster
• You want cash for something else
• You want to switch from an adjusted to a fixed rate
• You want to remove mortgage insurance
• Your credit score has improved 

Not all borrowers will qualify. Contact us for more information on fees and terms.