Skip to main content

Emily Caryl Ingram - Leave the rat race, Join the human race.

  • NMLS #113586
New American Funding Logo
  • About Us
  • Contact
  • Reviews
  • Legal Mumbo Jumbo
  • Home
  • About Us
  • Contact
  • Reviews
  • Legal Mumbo Jumbo
  • Home

Manufactured Home Cheat Sheet

Share

Apr 2, 2022

Manufactured homes are generally financable with a few stipulations:

  • Home must be manufactured after June, 1976*.
  • Home must be on a permanent foundation with wheels and axles removed.
  • Must be doublewide or larger (no singlewides)
  • The home can only have been moved once - from the factory to the current site.  The exception to this rule is VA transactions.  The VA does allow a home that has been moved more than once.
  • A manufactured home cannot be financed as an investment property (primary residence or second home only).
  • No manufactured homes on leased land.
Nice doublewide manufactured home
Probably financeable.
Old rusty trailer manufactured home
Probably not financeable.

FHA transactions require manufactured homes to have a foundation inspection or structural engineer's report.  For VA transactions, the appraiser will decide whether a foundation inspection is necessary.

And the appraiser may check to see that L&I inspections have been obtained.  Check here to see the kinds of modifications that require an L&I permit.  I recommend that real estate agents look for things that couldn't possibly be original to the home.  For instance, if your 1984 manufactured home has a fancy new tankless hot water heater, it probably needs an L&I inspection.

Don't worry if permits weren't obtained from L&I at the time the modification was made.  They're fairly easy to get after the fact and not terribly expensive.

Manufactured Homes as ADUs
Two manufactured homes on one parcel is generally unacceptable (one of those strange lending guidelines I've never understood).  However, a stick-built home with a manufactured ADU is generally acceptable for Fannie, Freddie, and FHA.  The typical guidelines still apply (built after 1976, installed on a permanent foundation, etc.).  And the manufactured home must be the ADU; it can't be the primary dwelling unit.

If you are listing a manufactured home (or are interested in purchasing a manufactured home), please give us a ring!  We're happy to take a look at your parcel and offer our expert opinion.

* The exception is USDA transactions.  USDA requires homes to have been manufactured after January 1, 2006.  This is a pilot program and is only available in certain states (Washington is included).  Otherwise, the home must be brand new and never occupied.

Categories

  • Real Estate Professionals

Tags

  • manufactured home
  • mobile home
  • modular home

Continued Reading

What happens during the appraisal?

The primary purpose of the appraisal is to determine the value of a property using similar properties called "comparables."

VA Jumbo Loans

What's the maximum VA loan amount? There isn't one!

Desktop Appraisal Update for 2022

Last year, we talked about a day when Desktop Appraisals, or something similar, would become a permanent part of mortgage lending guidelines, and now it has! We discuss the upcoming timeline and what this means for your customers in our latest video!

Sitemap

  • About Us
  • Contact
  • Reviews
  • Legal Mumbo Jumbo
  • Home

Contact Information

  • Emily Caryl Ingram
  • Mortgage Loan Specialist
  • NMLS #113586
  • Call or Text:  360-301-7575

Additional Information

  • Ask Emily
  • Contact
  • Newsletter
  • Newsletter Unsubscribe
  • Privacy Policy

Sitewide Search

©2021 Emily Caryl Ingram

Equal Housing LenderAll products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. NMLS ID#6606. . © New American Funding. New American and New American Funding are registered trademarks of Broker Solutions Inc. dba New American Funding. All Rights Reserved. Corporate Office is located at 14511 Myford Road, Suite 100, Tustin CA 92780. Phone (800) 450-2010. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.