What loan products are out there for Manufactured homes?????

   So you want a CASH OUT REFI on a manufactured home????? (one of my new loan officers takes this call) No problem, say I.  Hows your credit?  and income and .....  why? well there are a few programs and only a few, but the thing you need to worry about is how they change from FHA to Conventional..........  Cash out versus rate and term versus purchase

FHA 

 Cash out / Rate and Term  --- as long as the home is on a permanent foundation we can go up to 95% LTV with 30 year terms.  Even if you are under 80% LTV you will still have PMI for in all likely hood 5 years.

Purchase ---- the LTV goes to 97% and yes even on a single wide.

Side note to FHA----  get rid of the twice moved rule.  If you want to promote affordable housing this old rule needs to go the way of the DODO Bird

USDA Rural Development

Up to 100% on a new Double wide.  If you are looking to purchase a new home and a piece of land this is a great option for you permanent loan.  And with the USDA option getting the construction loan is a lot easier.

Conventional

This is where everything changes

Cash out-----  are you really sure you want this option just to avoid the PMI?  ok you got it..... 65% LTV (I have one lender that will go to 85%) and 20 year term MAX.

Rate and term and Purchase...... 95% max LTV and a 30 year term BUT the MI is close to DOUBLE that of FHA (depending on credit score of course)  Oh and no single wides.