Manufactured Home Mortgages:
Frequently Asked Questions

General Questions

What is the difference between a “mobile home” and a “manufactured home”?
On June 15, 1976, the National Manufactured Construction and Safety Standards Act forced manufacturers to create safer, more energy efficient homes that complied with the HUD code. A “mobile home” is a factory built home PRIOR to June 15, 1976 that isn’t required to meet the HUD code. A “manufactured home” is basically a mobile home built after June 15, 1976 that conform to the HUD code. They are factory built homes, transported, and affixed to a permanent foundation.
What is the HUD code?
In 1976, The Department of Housing and Urban Development (HUD) created a federal building code, which all manufactured home builders have to abide by. These standards drastically improved the way manufactured homes were being constructed, making them more efficient, safe, and durable. HUD issues and enforces these standards for construction of the home, its design, performance and installation.

FHA & Conventional Loans

Can I still get a loan without great credit?
A Nationwide Equities loan officer can help evaluate your financial situation and what product is right for you. The FHA loan is a great choice for borrowers with mediocre credit and offers low down payment requirements.
Do I have to own the land my manufactured home resides on?
The borrower is not required to own the land their manufactured home is located on. Borrowers may lease a lot within a manufactured home community. There may be a required initial lease term, which a loan officer can talk more with you about.

Reverse Mortgages

What are the minimum size requirements?
The floor area of your manufactured home must be a minimum of 400 square feet. The home also must be a double-wide or multi-wide home, meaning have two or more sections.
My home is located in a flood zone, will it qualify?
Unfortunately, no the home will not qualify if it is located in a flood zone. If you are unsure if your home is in a flood zone, please contact one of our specialists by filing out this form
Where can I find more information about reverse mortgages?
Our loan officers are available to explain the reverse mortgage process and help analyze your personal situation, so you can decide if it’s the right move for you! You can also visit our reverse mortgage webpage by CLICKING HERE

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