A loan for a Class C Manufactured Home is somewhat hard to find. There aren't many lenders offering them but you are in luck. Our company provides home loans on manufactured housing. We can do homes that are classified as real property (Class C) meaning the title has been surrendered. The home is taxed along with the land.
There are quite a number of manufactured homes in Delaware, especially in Sussex County. We offer Conventional, FHA and VA home loans on manufactured homes.
With Conventional loans, you can purchase with as little as 5% down and a credit score of 620 or higher. A refinance where you are paying off a current mortgage can be done at 95% loan to value. A cash out refinance is available at 65% loan to value.
On FHA loans, one can purchase with 3.5% down and a credit score of 580 or better. Refinances go up to 97.75% loan to value and Cash out refinances at 85% laon to value.
VA home loans are offered at 100% financing; no down payment required. Credit scores down to 580 are allowed. You can obtain a 100% cash out refinance with a 580 score or higher. Current mortgages on second homes and investment properties can be done as a streamline refinance with a 580 score or higher.
There is a pricing adjustment for the property being a manufactured home but still very attractive interest rates.