USDA Extends Financing to Existing Manufactured Homes:
To qualify, the existing manufactured home must meet certain requirements such as:
• A floor area of at least 400 square feet
• An inspection following HUD guidelines
• No alterations or modifications since manufacture date
• Towing hitch and running gear removed
• Being taxed as real estate
• A remaining economic life of at least 30 years
• Must have been constructed on or after January 1, 2006
What is a USDA Loan?
A USDA loan is special type of a zero down payment mortgage that eligible homebuyers in rural and suburban areas can get through the USDA Loan Program, which is backed by the United States Department of Agriculture (USDA).
One of the biggest hurdles in using a USDA loan on a modular or manufactured home can be finding a lender.
Not all lenders make loans for manufactured housing or offer financing for new construction.
If you’re interested in modular or manufactured homes, make sure to look for lenders who not only offer USDA loans on these properties but who also have deep experience with them. This will ensure your loan process goes smoothly and without error.
If you live in the Lincoln County, Oregon area and would like information regarding a USDA type loan as described above click here and I will send you to the right source for this loan program. Very few lenders are able to offer this specific type of loan in Lincoln County.