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Home FHA Loan

Modular Construction Loan | Manufactured Homes-Permanent Foundation

byNicholas Auriemma, NMLS# 1455001
4 years ago
inFHA Loan, Purchase, Uncategorized, USDA Loan
Modular Construction Loan Manufactured Homes-Permanent Foundation

Modular Construction Loan | Manufactured Homes-Permanent Foundation

Looking for financing for modular construction or home loans for manufactured homes? FHA and USDA allow financing for manufactured home – permanent foundation. Loans for manufactured home and land have requirements such as an engineer’s certification for manufactured homes.

Advantages of the Modular Construction and Manufactured Construction Loan

Financing is available for the lot purchase, permanent mortgage, and construction with one closing. This allows you to avoid incurring additional costs for a second appraisal and closing costs for a permanent loan because of the nature of one closing. There is no need for re-qualification because the loan closes prior to construction beginning.

The process is streamlined by working with a team that is experienced.

Property types – Loans for Manufactured Homes

  • New manufactured construction.
  • New modular construction.

Ineligible construction types include single-wide manufactured homes and non-traditional construction types.

Key Factors

  • One closing reduces total costs.
  • You do not have to make mortgage payments during the construction phase.
  • Rate is locked prior to closing and construction.
  • Do not have to re-qualify for the loan after the construction is complete.
  • Fast turn times because of the nature of the loan.

Manufactured Home – Permanent Foundation

FHA and USDA financing require a manufactured home to have a permanent foundation that is complaint with all guidelines. The foundation must be permanent, engineered for safety, and long term satisfactory performance.

You may be wondering what a manufactured home – permanent foundation is. They are constructed of materials like concrete or other durable materials that are site-built. There are attachment points to an anchor that stabilizes the manufactured home. A licensed professional engineer is required to be designed or developed structurally in accordance to permanent foundation guidelines.

There is a permanent foundation guide that a licensed professional engineer follows when certifying the manufactured and modular home.

Construction Loans for Manufactured Homes and Land Requirements

  • Owner-occupied financing only.
  • Loan amount up to FHA county mortgage limits and USDA area loan limits.
  • Minimum down payment requirement for FHA is 3.5% and no down payment required for USDA.
  • Minimum of 620 FICO credit score, but other traditional loan programs are available with lower credit scores.
  • Debt-to-income ratios are determined during the pre-approval process by running the Automated Underwriting System (AUS).
  • Land can be purchased, gifted following agency guidelines, or owned.

Other Types of New Construction Loans

  • FHA new construction – stick-built homes.
  • USDA new construction – stick-built homes.
  • Investment new construction loans.
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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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    • Conventional Loan
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    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
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    • VA Purchase Loan
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Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
​1 TransAm Plaza Drive Suite 300
​Oakbrook Terrace, IL 60181
NMLS # 276777
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