Manufactured homes are a popular, affordable, and sustainable housing option. Our team specializes in offering flexible and budget-friendly financing options to help you move into your dream home sooner than you imagined. Tidewater Home Funding is your trusted partner in securing the best modular and manufactured housing financing solutions across Virginia and Northeast North Carolina. Our mortgage experts are here to guide you through every step, ensuring you make a sound investment in your future.
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Manufactured homes are built in factories and then transported to their designated sites. Unlike traditional homes, they are built entirely in controlled factory environments under the guidelines of the Department of Housing and Urban Development (HUD). By opting for manufactured housing, you unlock a plethora of advantages. These homes are notably more affordable and energy-efficient compared to traditional homes. The manufacturing process also ensures timely construction without weather-related delays, and offers an array of customization options, allowing you to tailor your home to your unique tastes and requirements.
The Federal Housing Administration (FHA) offers loans for manufactured homes providing a favorable option for many buyers. These loans are known for their lower down payment requirements and more relaxed credit score standards.
For veterans, active-duty service members, and their families, VA mortgage loans can be an option. These loans offer numerous benefits including no down payment and competitive interest rates.
If you're looking to purchase a manufactured home in a rural area, you might be eligible for a USDA loan. These loans often feature no down payment and lower mortgage insurance costs.
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Fannie Mae's MH Advantage program is designed for homebuyers of manufactured homes that have features similar to traditional single-family homes. It offers benefits like lower down payments and competitive interest rates.
The Freddie Mac Home Possible loan is another option providing flexible credit terms and low down payments for qualifying manufactured homes.
Use our easy online mortgage calculators to discover your buying power today*
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Many state and local governments and housing organizations offer loan programs to assist with the purchase of manufactured homes. These programs often feature attractive benefits like down payment assistance and reduced interest rates. It's advisable to contact our team so we can help guide you with options available in your area and capitalize on these opportunities.
Formally known as VHDA, Virginia Housing allows for the financing of manufactured homes through FHA, VA and Rural Housing (USDA) loan programs that meet program requirements.
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A manufactured home is built entirely in a factory, following the federal building code administered by the Department of Housing and Urban Development (HUD). They are transported to the site.
Yes, but it depends on several factors including whether the home is on a permanent foundation, if you own the land the home is on, and the age of the home. Meeting these criteria can potentially allow you to secure a traditional mortgage.
For manufactured homes, several financing options are available including FHA loans and USDA loans, each having their own set of requirements and benefits. Additionally, Conventional loans are available through Freddie Mac and Fannie Mae if certain criteria are met.
Yes, refinancing is available for manufactured homes under certain conditions, including the home being on a permanent foundation and the owner holding title to the land on which the home sits. The refinancing terms can vary based on lender policies and market conditions.
Down payment requirements can vary widely based on the lender, the loan type, and the borrower's credit history. In general, it's possible to find financing options that offer low down payment requirements, similar to those of traditional site-built homes.
Interest rates for manufactured homes can be slightly higher compared to traditional homes due to the perceived higher risk associated with manufactured homes. The exact rate can depend on several factors including your credit score, down payment amount, and the lender's policies.
Yes, many lenders offer loan programs that allow you to finance the purchase of both the land and the manufactured home together, creating a single mortgage with one monthly payment.
Credit score requirements can vary based on the lender and the type of loan you are getting. However, many lenders prefer a credit score of 620 or higher for manufactured home financing. FHA loans may have more lenient credit score requirements.
Yes, there might be federal, state, or local grants and programs available to assist with the purchase of a manufactured home. These can include down payment assistance programs, affordable financing options, and more. It's best to consult with a mortgage loan officer to explore your options.
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Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and may vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.