What is a manufactured home? A manufactured home is a home built in a factory on a permanent chassis and towed to a site and attached to a foundation. Previously, manufactured homes were called “mobile homes” or trailers. But in 1976 government regulations mandated minimum standards and manufactured homes today are well-designed and constructed! In New Hampshire, manufactured homes are considered real estate!
For Bookend Lending LLC to finance a manufactured home, we require the home to be attached to a permanent foundation that complies with HUD (Housing and Urban Development) standards. We lend only on homes built 1976 or later and on their own lot or in some pre-approved Resident Owned Communities. We lend with FHA, VA, Conventional, NH Housing and RD.
RD financing for manufactured homes is in a pilot program and they do require the house to be built 2006 or later (and it must be double wide and on its own land).
Manufactured homes are often placed in parks (where the land is owned by a landlord and rent is due monthly) or co-operative neighborhoods (resident owned communities). In NH there are 112 co-operative/resident owned communities housing over 6300 families!
For manufactured homes (single & double), built after 1976 placed on a permanent foundation on their own lots, Bookend Lending LLC is your local premier lender!
For manufactured homes built after 1976, on their own lot, a borrower can get a conventional loan with 5% down. With an FHA loan the minimum down payment of 3.5% is required. For VA loans, it is zero down! We can use down payment assistance for eligible buyers for manufactured homes and eligible buyers of manufactured homes are eligible for the homebuyer tax credit. For conventional loans, the appraiser must state the foundation is compliant. For FHA an engineer or licensed architect must certify that the foundation meets HUD minimum standards.
For manufactured homes (single or double) built before or after 1976 and in a park or co-op, you have to go to a company like Priority Funding. Larger down payments (and credit scores) are generally required and the terms are usually less than 30 years. The loans for these scenarios carry higher rates or shorter terms or may be adjustable. Click this link to go to Priority Funding’s website, a well-respected lender. I’ve worked with Gary Manyak at Priority Funding for many years!
The NH Community Loan Fund will finance homes in co-operative/resident owned communities and manufactured homes on their own land — regardless of age! Here’s a link to their website! Their programs are extremely flexible and require low down payments.
NH Housing also has options for manufactured homes in approved co-operatives. Here are the approved co-ops for NH Housing:
- Barrington Oaks Cooperative Barrington, NH;
- Black Bear Village, North Conway, NH;
- Camp Sargent Road Cooperative, Inc. Merrimack, NH;
- Elm Brook Village Cooperative, Inc. Hopkinton, NH;
- Exeter-Hampton Cooperative, Inc Exeter, NH;
- Lakes Region Mobile Home Park Cooperative Belmont, NH;
- Lilac Drive Cooperative Raymond, NH;
- Medvil Cooperative Goffstown, NH;
- Otarnic Pond Cooperative, Inc. Hudson, NH;
- Pepperidge Woods Cooperative Barrington, NH;
- Seacrest Cooperative; and
- View Point Cooperative, Swanzey, NH.
Federal Regulations:
- Manufactured Home Construction and Safety Standards (24 CFR 3280)
- Manufactured Home Procedural and Enforcement Regulations (24 CFR 3282)
- Model Manufactured Home Installation Standards (24 CFR 3285)
- Manufactured Housing Installation Rules and Regulations (24 CFR 3286)
- Manufactured Home Dispute Resolution (24 CFR 3288