Getting approved for a manufactured home loan has never been easier, because there are more banks and mortgage lenders offering home financing for manufactured, modular and mobile homes in the United States.
Manufactured homes are required to be built to federal HUD Code which was created 28 years ago. “The term manufactured home was adopted in 1980 by the US Congress to describe a type of house that is constructed in a factory to comply with a building code developed by the Department of Housing and Urban Development (HUD).” Manufactured homes are not mobile homes.
The average price for a home sold as a manufactured home was $48,800 in 2001. In 2024 that has nearly doubled to $81,500.
Selecting a Manufactured Home Mortgage
There are several important factors you may want to consider when choosing a home loan.
Make sure the lender has loan programs for manufactured or modular homes.
Find out what kind Loan to Value limits the programs have.
Find out what credit scores are needed for loan programs like refinancing or second mortgages.
Manufactured Loan Options
Second Mortgage Refinance
Home Equity line of credit
Home Equity Credit Lines