USDA Construction to Permanent Loans for Manufactured Homes

USDA Construction to Permanent Loans for Manufactured Homes. Kentucky First Time Home Buyer Programs for 2019

USDA Construction to Permanent Loans for Manufactured Homes video duration 3 Minute(s) 22 Second(s), published by Metroplex Mortgage Services on 08 02 2019 - 05:00:31.

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USDA Construction to Permanent Loans for Manufactured Homes in Florida, Texas, Tennessee, and Alabama.

How do you qualify for a new Manufactured Home with a USDA No Down Payment Construction Loan?

I have previously explained that it can be possible to purchase a new manufactured home with a USDA No Down Payment construction loan, but in today’s video I will walk you through the process from qualification through closing.

Under the combination construction to permanent loan section of the USDA guidelines, it provides for the following description of the Single-Close program:

“A single-close loan combines the features of a construction loan, which is a short-term interim loan for financing the cost of construction, and the traditional long-term permanent residential mortgage.”

Additionally, eligible loan costs will be used to “finance the construction of a new single family housing
residence, which can include modular and manufactured home construction” which shows that the USDA single-close program allows for manufactured homes.

#1.USDA Loan Qualification

The first step is to secure a proper qualification, and as a USDA Approved Lender we will work with your budget and establish overall eligibility and then helpt you through the process from contract to closing.

As a reminder, USDA qualifications for property eligibility remain the same, which means that the manufactured home must be located within a USDA designated eligible area.

Further, USDA has county income limits based on household size that still apply, but because USDA has recently increased these county limits they do provide for healthy income levels to work with on a variety of price ranges.

#2. Manufactured Home Dealer

After the budget has been established, you will then work with a manufactured home dealer to discuss floor plans, pricing, and available options, but remember that unless we have already approved the particular dealer, they will need to be approved in accordance with USDA construction requirements.

#3. Land Selection

You may either use land that is already owned, build on land that is owned by the dealer, or purchase land for the home to be built upon, but remember that a manufactured home “must be classified and taxed as real estate” which means that it must be on owned land and not rented or leased.

#4. Preparing for Closing

Once the home has been selected, the land identified, and the appropriate contracts have been executed, this would be followed by loan application, appraisal, underwriting, obtaining the USDA commitment, and once all conditions are satisfied then the closing is scheduled.

Remember that the closing does prior to the start of construction which is then followed by draw payments disbursed during the build-out phase.

For any USDA Manufactured Home New Construction questions, we are here as a resource, so just call or email to discuss your scenario and let us show you the “Metroplex” difference!

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