Key Takeaways
A manufactured home can be an affordable housing option with various financing methods. The right financing for you will depend on whether you plan to buy or lease the land, your credit score, and other factors. Depending on the financing type, you might have anywhere from a few years to up to 30 years to repay your loan, with interest rates varying across loan types. Manufactured homes are typically more affordable than traditional single-family homes or condos, and there are many ways to finance them. Here’s a guide to your options.
Understanding Manufactured Homes
A manufactured home is built in a factory and then transported to its final location. Unlike mobile homes built before June 15, 1976, manufactured homes comply with the HUD Code, ensuring modern standards of safety and construction. These homes are designed for long-term living and can range in size from single-wide to multi-section homes. LendLogic offers tailored mortgage solutions to help you finance your manufactured home, whether it’s a primary residence, investment property, or second home.
Types of Manufactured Home Financing Available at LendLogic
Conventional Manufactured Home Loans
LendLogic offers conventional loans that can cover both the purchase of your manufactured home and the land it sits on. To qualify, you’ll generally need a credit score of at least 620, and the home may need to meet specific criteria. These loans offer flexibility with terms up to 30 years and options for fixed or adjustable interest rates.
FHA Loans
FHA loans are another popular option for financing manufactured homes. Backed by the Federal Housing Administration, these loans are ideal if your credit score doesn’t qualify you for a conventional loan. With FHA loans, you can finance both the home and the land, with options for single-wide and multi-width homes.
VA Loans
For eligible service members, veterans, and surviving spouses, VA loans provide an excellent opportunity to purchase a manufactured home with no down payment. LendLogic is proud to offer VA loans, helping those who have served our country secure affordable housing.
USDA Loans
If you’re purchasing a manufactured home in a rural area, a USDA loan might be the perfect fit. These loans require no down payment and offer competitive interest rates, making homeownership more accessible in eligible areas across Georgia.
Why Choose LendLogic?
At LendLogic, we’re more than just a mortgage provider—we’re your trusted neighbor, committed to helping you navigate the path to homeownership with ease and confidence. As a Georgia-based company with loan officers who understand the local market, we offer personalized service and competitive rates. Whether you’re looking for a USDA loan, FHA, VA, or conventional financing, we’re here to ensure you get the best terms possible.
Key Benefits of Financing with LendLogic:
- 30-year fixed rate terms
- Competitive interest rates
- One closing, one set of closing costs
- 100% USDA financing available
- Single-wides accepted
Start Your Journey with LendLogic today and join thousands of satisfied clients who have found their dream home through our expert guidance and support.
