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A manufactured home is a home that is built in a factory, transportable in one or more sections and is designed and constructed to meet the Manufactured Home Construction and Safety Standards (MHCSS). The homes must be a double-wide or larger and permanently affixed to a foundation.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | FHA | VA | USDA |
|---|---|---|---|
| CREDIT | AS LOW AS 500 FICO | ||
| DEBT-TO-INCOME | MAX 54.99% DTI | MAX 60% DTI | MAX 60% DTI |
| DOWN PAYMENT | AS LOW AS 3.5% | 0% IF FICO 600+ | AS LOW AS 0% |
| 5% IF FICO <600 | |||
| OCCUPANCY | PRIMARY RESIDENCE | PRIMARY RESIDENCE | PRIMARY RESIDENCE |
| TERMS | FIXED & ARM AVAILABLE | DEPENDENT ON THE LENDER | ||
| TRANSACTIONS | PURCHASE | REFINANCE (CASH OUT/ RATE&TERM/ STREAMLINE) | PURCHASE | REFINANCE (IRRRLs AND CASH OUT) | PURCHASE | REFINANCE (RATE&TERM/ STREAMLINE/ STREAMINE-ASSIST) |
| ELIGIBLE PROPERTIES | SINGLE FAMILY MANUFACTURED HOMES | DOUBLE WIDE | PUD NOT IN MOBILE HOME PARKS | FEE SIMPLE ONLY | CONDOS APPROVED BY EACH AGENCY | ||
| STRUCTURAL ENGINEERS REPORT | REQUIRED | NOT REQUIRED | REQUIRED FOR PURCHASE | NOT REQUIRED FOR REFI |
| HAVE A CH 7 BANKRUPTCY? | WAIT 2 YEARS SINCE DISCHARGE | WAIT 2 YEARS SINCE DISCHARGE | WAIT 3 YEARS SINCE DISCHARGE |
| HAVE A CH 13 BANKRUPTCY? | 1 YEAR OF ON TIME PAYMENTS | 1 YEAR OF ON TIME PAYMENTS | 1 YEAR OF ON TIME PAYMENTS |
| HAVE A FORECLOSURE? | MUST WAIT 3 YEARS FROM COMPLETION | MUST WAIT 2 YEARS FROM COMPLETION | MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] | 2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB | ||
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED | ||
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS | ||
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS | ||
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
A manufactured home is a home that is built in a factory, transportable in one or more sections and is designed and constructed to meet the Manufactured Home Construction and Safety Standards (MHCSS). The homes must be a double-wide or larger and permanently affixed to a foundation.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | FHA | VA | USDA |
|---|---|---|---|
| CREDIT | AS LOW AS 500 FICO | ||
| DEBT-TO-INCOME | MAX 54.99% DTI | MAX 60% DTI | MAX 60% DTI |
| DOWN PAYMENT | AS LOW AS 3.5% | 0% IF FICO 600+ | AS LOW AS 0% |
| 5% IF FICO <600 | |||
| OCCUPANCY | PRIMARY RESIDENCE | PRIMARY RESIDENCE | PRIMARY RESIDENCE |
| TERMS | FIXED & ARM AVAILABLE | DEPENDENT ON THE LENDER | ||
| TRANSACTIONS | PURCHASE | REFINANCE (CASH OUT/ RATE&TERM/ STREAMLINE) | PURCHASE | REFINANCE (IRRRLs AND CASH OUT) | PURCHASE | REFINANCE (RATE&TERM/ STREAMLINE/ STREAMINE-ASSIST) |
| ELIGIBLE PROPERTIES | SINGLE FAMILY MANUFACTURED HOMES | DOUBLE WIDE | PUD NOT IN MOBILE HOME PARKS | FEE SIMPLE ONLY | CONDOS APPROVED BY EACH AGENCY | ||
| STRUCTURAL ENGINEERS REPORT | REQUIRED | NOT REQUIRED | REQUIRED FOR PURCHASE | NOT REQUIRED FOR REFI |
| HAVE A CH 7 BANKRUPTCY? | WAIT 2 YEARS SINCE DISCHARGE | WAIT 2 YEARS SINCE DISCHARGE | WAIT 3 YEARS SINCE DISCHARGE |
| HAVE A CH 13 BANKRUPTCY? | 1 YEAR OF ON TIME PAYMENTS | 1 YEAR OF ON TIME PAYMENTS | 1 YEAR OF ON TIME PAYMENTS |
| HAVE A FORECLOSURE? | MUST WAIT 3 YEARS FROM COMPLETION | MUST WAIT 2 YEARS FROM COMPLETION | MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] | 2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB | ||
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED | ||
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS | ||
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS | ||
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
