Modular Home Financing Options, Including Manufactured Homes
To meet the needs of all kinds of homebuyers, Virginia Modular Homes 1st offers a range of modular home financing options.
From conventional loans for top qualifying applicants to a host of other loan programs, there is much opportunity for a prospective buyer to own their own modular home, including those with past credit challenges.
Here are some details about modular home financing and manufactured home financing. Find what works best for you!
FHA Loans
These are loans insured by the Federal Housing Authority, or FHA. It’s best suited for home borrowers who don’t have a large down payment, and/or don’t have perfect credit.
Virginia Modular Homes 1st can often qualify individuals through our FHA loan program who have had past credit challenges.
Further, we can often provide loan assistance to those with a higher debt to income ratios, but who also have strong compensating factors.
It’s these factors that help justify the applicant’s ability to apply a higher percentage of their monthly income towards their house payment.
Manufactured FHA Loan Eligibility--Requires that the manufactured home must have been built after June 15, 1976.
It must also be permanently fixed to a foundation. For manufactured homes with no current affixed foundation, Virginia Modular Homes 1st may be able to structure a loan that will allow the foundation to be upgraded to meet FHA standards.
Perks of this program includes a low down payment of 3.5%, 30-year mortgage terms, and a low-interest rate.
VA Loans
For qualifying veterans with a credit score of 620 or higher, Virginia Modular Homes 1st has a special VA loan program for those veterans wanting to finance either a modular or manufactured home.
Many manufactured home financing companies don’t offer VA loans; we do. Of those that do offer VA loan programs, most require a VA funding fee that can also be financed, we do not.
All of our VA loans are exempt from the monthly mortgage insurance fees.
Conventional Loans
Virginia Modular Homes 1st is one of the few modular and manufactured home financing companies to offer conventional loans for modular and manufactured homes with similar terms to site-built mortgages.
These loans require a debt to income ratio of below 43%. Credit score must be 680 or greater. Currently, the maximum loan amount is $417,000.
There are no upfront or monthly mortgage insurance premiums on loans with a loan to value of 80% or less. What’s more, unlike other manufactured home financing options, our conventional loans can be used for a second home.
Conventional home loans can also be used to finance modular homes as investment properties.
The Virginia Modular Homes 1st Difference
For financing manufactured homes, we are one of the top rated manufactured financing companies in the US. Offering financing options for modular and manufactured homes in 35 states, we have a long history of customer satisfaction.
We’re proud of our role as an industry leader in our market. But it isn’t just our modular homebuilding experience and financing that have made us a top choice for modular and manufactured home financing.
Our personalized service far exceeds that of other modular and home financing companies. We know each situation is different. That’s why we take the time to understand your particular circumstances. This allows us to craft a loan that’s right for you.
We believe in people first. You’ll find us to be understanding, friendly, and willing to help. We go out of our way to answer all of your questions about modular and manufactured home financing.
Expect us to promptly answer your emails, as well as to call you to explain the loan process. We’re here to put your mind at ease!
We’re confident we have the right home for you, manufactured or modular. But the way to find out is with a phone call. Or, you can complete the online application, which determines your eligibility.
Contact us today and take a confident step forward on the path to homeownership!