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How to Get Financing for a Manufactured Home – Prestige Home Centers

How to Get Financing for a Manufactured Home – Prestige Home Centers

April 29, 2024

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One of the biggest stressors in purchasing a home is securing financing that will work for you and your family. You may feel confused about how to navigate what loans you qualify for if you’re purchasing a manufactured home. That’s why we’re dedicated to making the financing process easy to understand and as smooth as possible for our customers. Learn more about how to finance a manufactured home!

Financing the Perfect Manufactured Home for You

At Prestige, we want financing and insuring your home to be easy and painless. That’s why we provide financing in five easy steps!

Step 1: Get Pre-Qualified 

Whether you’re just starting your manufactured home journey or have already looked at a few homes, one of the best things you can do for yourself is get pre-qualified. With this, you’ll have a clear idea of the price range available to you. This is just another way to make the process smoother when you decide on the home that you want. 

Both you and our team will be able to work with the price you qualify for and find the perfect home for you. You can fill out our application online to get pre-approved for our financing options. 

Step 2: Choose Your Home

Before we can get the ball rolling on your loan closing, you must pick out your home first. We have several floor plans available, from one bedroom to five bedrooms. If you need more out of your home than what’s in the floor plans, we’re able to customize your home to meet what you’re looking for

Whether you need accessibility accommodations or want luxury upgrades, we can provide you with them from the start and work the pricing into your financing. Visit our model centers to get an idea of the type of manufactured house you want.

Step 3: Discover the Nobility/21 Benefits that Work for You 

We offer our own in-house financing, called Nobility/21, for manufactured houses you purchase through Prestige. We offer a number of benefits through Nobility/21 so that you can find the financing that works for you. Some of these benefits include:

  • Credit decisions within 24 hours to make the process quicker
  • Down payment as low as 5% or land-in-lieu of down payment options 
  • FHA and VA loans to those who qualify (from outside lenders)
  • Loans for both your home and land
  • 30-year financing options

And more! With everything available through our manufactured home loans, you’ll be able to customize your financing to best suit your needs and future home.

Step 4: Get Insured through Mountain Insurance Services

Having insurance for your modular or manufactured home isn’t required in the state of Florida; however, if you want to live in a manufactured home community, finance your home, or protect yourself from hurricanes and weather events, having homeowner’s insurance is vital for your peace of mind or may even be required. We offer access to insurance through Mountain Insurance Services for your convenience. They offer a variety of insurance policies, from your manufactured home to your automobiles or boats. They even offer discounts to those purchasing a brand new home or to those who insure their autos with them as well.

Step 5: Prepare for Move-In!

Now that you have selected your home, secured financing, and signed up for insurance, that’s it! It’s time to wait for your home to be built and prepare for moving in!

Common Manufactured Home Financing Questions

While the five steps will generally be the same for everyone, we know each person’s home-buying journey is unique. You may have questions about specific loan requirements and if they can finance a manufactured home. To help you understand your loan options, we’ll answer the most common questions homebuyers ask about financing a manufactured home. 

What Is the Difference between Manufactured, Modular, and Mobile Homes? 

In many cases, home loans cover manufactured and modular homes, but not mobile homes. This can be confusing for homebuyers because these words are often used interchangeably; however, there are key differences between these three types of homes. Mobile homes are homes built before 1976 and lack a permanent foundation. Manufactured homes and modular homes, on the other hand, have semipermanent and permanent foundations and are built post-1976. If you want more information about the differences between these three homes, read more about the topic in our blog!

Will USDA Finance an Existing Manufactured Home?

According to the USDA, you can use a USDA loan to finance a manufactured home. However, the manufactured home must meet the USDA’s location and safety standards to qualify. This means used manufactured homes may not meet the requirements of the USDA. If you want to finance through a USDA loan, we would recommend looking at our new manufactured house models to boost your chances of qualifying. Remember, USDA loans are location-specific—check their map to ensure you are in a qualifying area before purchasing land or searching for a manufactured home community. 

Does the FHA Finance Manufactured Homes?

Manufactured homes, and even land lots for them, can be financed through the FHA. You must be able to meet all the requirements for an FHA loan in order to qualify. Keep in mind that FHA loans do limit how much you can borrow. According to the U.S. Department of Housing and Urban Development, manufactured homes qualify for the following FHA loan amounts: 

  • Manufactured home: $69,678
  • Land for manufactured home: $23,226
  • Land lot and manufactured home: $92,904

Will the VA Finance a Manufactured Home?

For veterans looking to purchase a home, they can use their VA loan to finance modular and manufactured homes but not mobile homes. Similar to other loans, the VA has specific requirements for manufactured homes, including a permanent foundation and a minimum size of 700 square feet. At Prestige Home Centers, we can help you ensure your new manufactured home meets VA loan requirements. 

Can I Finance a Used Manufactured Home?

While you can find financing for a used manufactured home, it may come with more challenges or requirements than a loan for a new manufactured home. Our recommendation is to go through in-house financing for a used manufactured home if it’s available. At Prestige, we will work with you to help find the best financing option for you and your family—regardless of whether you’re looking for a new or used manufactured home.

What Credit Score Do I Need to Finance a Manufactured Home?

The credit score you need to finance a manufactured home varies from person to person and lender to lender. If you want a government-backed loan, like the VA, FHA, or USDA loans, each one has its own requirements for credit scores. For example, neither the USDA nor VA has a minimum credit score requirement, but most lenders will want to see a credit score of 620. The FHA has a credit score requirement of 580 or 500 with a higher down payment. If you want to be on the safe side, a credit score of 620 is usually a good starting point for most manufactured home loans. 

Where Can I Finance a Manufactured Home?

If you’re looking for a home loan for a manufactured house, you can search for both local banks and mortgage companies to help find the right loan for you. However, it’s important to keep in mind that not all banks or companies provide financing for manufactured homes. Our suggestion is to go with the financing option provided by the home center, like we have at Prestige. When you go with our financing plans, you’ll easily be able to add a loan to the purchase of your home. We also allow you to add insurance options through our financial office. Avoid the headache of searching for a company that will approve a loan for you, and buy a house with a financing plan included at Prestige. 

Find Your Future Home with Prestige Home Centers

We want to make the process as easy as possible for you. There’s no need to stress over financing when you purchase a manufactured home through Prestige. You can find your home, apply for financing, and get insured all on the same day when you buy with us. If you’re interested in finding your home and financing through Prestige, apply online for our in-house financing.

Notice: Across the country, the construction industry, and particularly the home building industry, is experiencing unprecedented supply and demand issues. Labor and materials are in short supply and being priced higher and higher. This is causing reduced production, unanticipated building delays, and unpredictable pricing of materials and homes. With the elevated material costs and delayed turnaround time on building homes, home prices are likely to change now to home completion. Our team is doing everything we can to inform our customers of this pricing and get them into their homes swiftly. We appreciate your continued patience.