Types of Loans

One of the things that new manufactured home buyers need to understand is the different types of manufactured home loans available to them. The loan type you choose will depend on the kind of structure you're financing. Our expert professionals understand the ins and outs of this process and we will help you every step of the way to make sure you get what you want and need. Call today and we can pre-qualify you in just five short minutes.

Below you will find a brief description on the different types of loans available to you:

FHA Loans

The Federal Housing Administration is an agency of the federal government. The FHA insures private loans issued for new and existing housing, and for approved programs for home repairs. FHA loans usually require between 3.5% - 5% down and a maximum 30 year length of term. To get situation specific information and advice on how you might be able to take advantage of an FHA-insured loan, you'll need to contact me now to get started.

V.A. Loans

Simply put, a VA Home Loan allows qualified buyers the opportunity to purchase a home with no down payment. There are also no monthly mortgage insurance premiums to pay, limitations on buyer's closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, construction is inspected at appropriate stages and a 1-year warranty is required from the builder. VA also performs personal loan servicing and offers financial counseling to help veterans having temporary financial difficulties. You May Be Eligible If Any One of the Following are true:

  • Served 181 days during peacetime (Active Duty)
  • Served 90 days during war time (Active Duty)
  • Served 6 years in the Reserves or National Guard
  • You are the spouse of a service member who was killed in the line of duty.


The USDA Guaranteed Loan Program is a federal program offered through the United States Department of Agriculture. This is an excellent program for those individuals that qualify. There are several advantages to using USDA's Home Loan Program:

  • USDA Zero Down Payment
  • USDA Low Closing Costs
  • USDA 100% Financing
  • Low Monthly Mortgage Insurance (MI) with a USDA loan
  • Low USDA Mortgage Interest Rates
  • Never a Pre-payment Penalty with USDA
  • Easy Credit Qualifying with USDA


"Chattel Mortgages" is a term used when referring to a loan on a mobile or manufactured home where the land is not a factor and only the mobile home will be financed. Give us a call and we can determine if you qualify!


A conventional loan refers to any mortgage loan that is not guaranteed or insured by the federal government. These loans typically follow the guidelines set forth by the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac, in which case they would be referred to as conforming. Some conventional loans do not follow these guidelines and are known as non-conforming.

Once you have decided which loan to apply for you will need to consider the following requirements. Give us a call today and we can give you the information you need to make sure your loan is approved!

  • Foundation Needs
  • Credit Score Requirements
  • Down Payment Requirements