Manufactured Home Financing: The Property Details That Matter

THE WORKING BANKER

NOLA Lending’s published manufactured-housing program currently focuses on qualifying homes permanently affixed to a foundation, and classified as real property. We can offer up to a 30 year mortgage on multi-wide homes along with financing the land, home, and improvements.

What to understand

Manufactured, modular, mobile, and site-built are not interchangeable terms in underwriting. Construction standard, HUD labels, title history, foundation, real-property status, and whether the home can be moved can affect the financing. NOLA’s current published program identifies qualifying multi-wide dwellings and states that single-wide mobile homes do not qualify under that specific program.

Questions worth answering early

• What year was the home manufactured?

• Are HUD certification labels and data-plate information available?

• Is the home permanently affixed to an acceptable foundation?

• Are the home and land classified as real property?

• Has the home been moved from its original site?

The Working Banker Take

Manufactured-home financing is a good example of why the property should be screened early. A few factual questions can determine the financing path before the buyer spends money on purchasing a new mobile home.

This article is for general educational purposes only and is not a commitment to lend or an offer of credit. Mortgage programs, underwriting guidelines, eligibility, pricing, terms, and market availability can change. All loans are subject to credit and underwriting approval, and not every borrower or property will qualify. Confirm current program details with a licensed mortgage loan officer before relying on a specific financing structure.

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