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Best place for a loan with bad credit
11 Best Manufactured Home Loans for Bad Credit Financing
As with many things in finance, the very first step to finding a mortgage for the manufactured home of your dreams is to make sure you get the semantics right. In this case, you’ll want to make sure you know exactly what you need to fund. Homes built in a factory — as opposed to homes built on-site — come in three basic styles: mobile homes, manufactured homes, and modular homes.
Factory-built homes constructed before June 15, 1976 (i.e., before the US Department of Housing and Urban Development (HUD) set safety standards) are considered mobile homes. Factory-built residences built after HUD regulations were in place are called manufactured homes (regardless of their mobility), and modular homes are those built in a factory but assembled on-site. All three types can typically be financed, though the ease of obtaining that financing will likely vary both by home type and the type of loan.
Best “Conventional” Loans for Mobile Homes
Conventional mortgage loans are those for which the lender alone is responsible, without insurance or backing from any external agency. In an FHA–backed loan, for example, if the borrower defaults on the loan, the FHA or VA will reimburse the lender for the bulk of the mortgage amount. In a conventional loan, the lender has to settle for what it can get from the resale of the property — and eat the rest.
And herein lies the rub with conventional mortgages for manufactured homes. On the whole, manufactured homes don’t appreciate as well as traditional site-built homes, making them a higher risk to the lender. Since conventional mortgages are already the most difficult to obtain, definitely compare multiple options, such as with the online lending networks below, if it’s the route you wish to take for a manufactured home.