Ocala Manufactured Home Loans

What is a Manufactured Home Loan?

A manufactured home loan is specialized financing designed for the purchase of factory-built homes. In Florida, these loans cater to the unique aspects of owning a manufactured home, whether it’s placed on leased land or a plot you own. The right financing option depends on the home’s location, your financial situation, and whether the land is part of the purchase. This type of loan makes homeownership accessible, offering flexible solutions to fit a variety of needs and scenarios in the manufactured housing market.

What types of Manufactured Homes are Eligible?

When considering financing for a manufactured home, understanding which types of homes qualify is key to a smooth application process. Our loan programs accommodate a wide range of manufactured homes, ensuring that many buyers can find a financing solution that fits their needs. Here’s what you need to know about the eligibility criteria for manufactured homes:

• Manufacturing Date: Eligible manufactured homes must have been constructed on or after June 15, 1976. This ensures the homes conform to the Federal Manufactured Home Construction and Safety Standards, also known as the HUD Code, which set standards for design and construction, durability, and safety.
• Width Requirements: We finance manufactured homes of various widths, including:
  • Single-Wide: Typically, single-wide homes must be at least 12 feet in width and have a minimum of 400 square feet of living space.
  • Double-Wide and Larger: Double-wide homes or larger must be at least 20 feet in width. There’s no maximum width, but the home must adhere to HUD Code standards and be suitable for residential use.
• Foundation and Installation: The home must be attached to a permanent foundation system and comply with the HUD installation standards. The foundation and setup must ensure the home’s stability and safety.
• VA Loan Specifics: For VA loans, it’s important to note that a manufactured home is eligible even if it has been moved once from its original installation site. This exception allows veterans more flexibility in financing their manufactured homes, but the home must still meet all other VA and lender-specific requirements.
• Condition and Code Compliance: All manufactured homes must be in good condition, safe, structurally sound, and in compliance with local and state codes regarding manufactured housing.

Our goal is to help you finance the home of your dreams. Whether you’re looking at a cozy single-wide or a spacious multi-section home, understanding these eligibility requirements is the first step in finding the right loan for your new home.

Our Florida Manufactured Home Loan Programs

Conforming Loans – Secure financing for your manufactured home with our Conforming Loan programs, designed to meet guidelines set by Fannie Mae and Freddie Mac. Enjoy competitive interest rates and a variety of term options, making it easier to find a loan that fits your budget and lifestyle.

Benefits: Access to higher loan limits, flexible credit requirements, and potential for private mortgage insurance (PMI) removal.

FHA Loans – Our Federal Housing Administration (FHA) loans offer an affordable path to homeownership, especially for first-time buyers or those with less-than-perfect credit. With lower down payment requirements and more lenient credit criteria, FHA loans make it possible to own a manufactured home with ease.

Benefits: Minimal down payments, flexible credit qualifications, and the security of a government-backed loan.

VA Loans – Honoring those who have served, our Veterans Affairs (VA) loan programs provide unbeatable benefits for veterans, active-duty service members, and their families. Purchase your manufactured home with no down payment and benefit from lower interest rates and no PMI.

Benefits: No down payment required, no private mortgage insurance, and limited closing costs.

Rehab Programs – Transform your manufactured home with our Rehab Loan programs, offering the funds to purchase and renovate your home all in one loan. Whether updating an older home or fixing up a fixer-upper, these loans cover both the purchase price and the cost of renovations.

Benefits: Financing for purchase and renovation costs combined, one-time closing, and the ability to customize your home to your preferences.

One-Time Close Construction Loans – Our One-Time Close Construction Loan streamlines the financing of your manufactured home by combining the cost of land purchase, home construction, and the permanent mortgage into a single loan. This innovative approach means you go through the closing process only once, saving you time and money. Ideal for those looking to buy land and build their manufactured home from the ground up, this program simplifies the financing process into one seamless step. 

Benefits: Enjoy the convenience of a single application and closing process for both land purchase and home construction. Lock in a fixed interest rate early, protecting you from potential rate increases during construction. Plus, for those who already own their land, there’s an added advantage: you may be able to use the equity in your existing land as part of your down payment, reducing the upfront costs associated with building your new home. This feature is particularly beneficial for borrowers looking to maximize their investment and minimize out-of-pocket expenses.