Double-Wide's have always been notoriously difficult to finance in the past. It is still very difficult to find financing if you are in the market to purchase an existing Double-Wide. There are not a lot of lenders that will finance Double-Wide's because they depreciate in value.
There are some very nice Double-Wide floor plans out there. They present an afforable option for home ownership. The only Problem is getting financing on them.
Although there are a lot of banks that won't write the loan on a double-wide there is a loan product available that goes to up to 96.5% with 3% allowable seller concessions. This is a great loan for someone with decent credit who wants to buy a Double-Wide. There are some property restrictions but the borrower credit requirements are the same as on a stick built home.
Here are the housing guidelines - Property restrictions:
- Must have a floor area of not less than 400 square feet
- Be constructed after June 15th, 1976, In conformance with the Federal Manufactured Home Construction and Safety Standards, as evidenced by an affixed HUD Certification label in accordance with 24 CFR 3280.11 (Manufactured homes produced prior to that date are ineligible).
- Be classified and taxed as real estate.
- The manufactured home must not have been installed or occupied previously at any other site location. Home may only have moved from the manufacturer's or Dealer's lot to the current site of home.
- The mortgage must cover both the manufactured unit and it's site and shall have a term of not more than 30 years from the date amortization begins.
- Must be built and remain on a permanent chassis
- Must be designed to be used as a dwelling with a permanent foundation built to HUD and FHA criteria (A transaction specific Engineer's Certification must be obtained from a licensed professional engineer or registered architect - Usually around $175)
- The finished grade elevation beneath the manufactured home, or if a basement is used, the grade beneath the basement floor shall be at or above the 100-year return.
I am happy to say that we now offer this loan. For more information please contact us.