This is especially true for borrowers looking to finance their manufactured home. Unfortunately, with so many options available, it can be challenging to find the right loan for your situation. There are a number of loan programs for homeowners to choose from. American Financing does not offer Chattel Mortgages.* Give us a call at (334) 283-1017 today to speak with one of our representatives.*This article is for educational purposes only. Our mobile home specialists will assist you throughout the buying process to ensure a smooth and hassle-free experience. Get your dream manufactured house from Jaco Sales LLC.Īt Jaco Sales LLC, we are known to provide the best and most affordable manufactured homes in Alabama. Lastly, the site should be taxable and classified as real estate, and the home should be located in the approved USDA-eligible rural area. It should be at least 12-feet wide, having a minimum of 400 square feet of living space. To qualify, your manufactured house must be built within 12 months and purchased by an approved dealer. And you, as a potential owner of a single-wide manufactured home, can be a beneficiary, provided you meet certain requirements. USDA (short for the United States Department of Agriculture) loans come with many attractive pros such as no down payment, low-interest rates, and favorable loan terms. Lastly, the home must have FHA-approved water and sewer systems. Also, the floor space cannot be less than 400 square feet, and the home must be on a permanent foundation. To qualify, the homes should be built after June 15, 1976, and must have a HUD tag or certification label. Of course, these are only applicable to homes that meet certain conditions. With an aim to make homeownership affordable, FHA (short for the Federal Housing Administration) provides loans to all three types of manufactured homes: single-wide, double-wide, and triple-wide. There is another caveat: manufactured homes built before 1976 cannot qualify for the Freddie Mac loan. In addition, it should also be permanently affixed to a permanent foundation and legally classified as real property. It should also have a HUD (United States Department of Housing and Urban Development) Certification Label or the HUD Data Plate. To be eligible for the Freddie Mac loan, there are some conditions that manufactured homes should fulfill.įirstly, the house should be located in a Planned Unit Development (PUD). It is a government-sponsored enterprise offering many loan programs for manufactured homes, both multi-wide and single-wide. Though not many, there are ways to secure an affordable loan for your little manufactured home.Īlthough manufactured homes are ineligible for Fannie Mae loan programs, they can get financed through Freddie Mac.įreddie Mac is by far the most common way through which single people get a loan for their manufactured homes. T hat being said, this should not discourage you from buying a single-wide home for yourself. The reason is quite simple: most lenders are reluctant to lend money for single-wide manufactured homes. They are the most versatile type of manufactured homes as they come in a number of designs and layouts.Īs attractive an option as a single-wide home is, financing one might seem like a Herculean task. Single-wide manufactured homes can be a great option for all single, independent souls who live alone. I’m Single & Financing a Single Wide Home
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