MANUFACTURED & MODULAR HOMES

Manufactured and/or modular homes can be purchased or refinanced using a variety of loan programs. 

Purchasing a Manufactured Home In Colorado?

In order to qualify for a traditional mortgage, the manufactured home must meet two basic requirements. 1. The property must be on a permanent foundation and cannot be located in a mobile home park. 2. The property must be have been built after 06/15/1976. Properties built prior to that date are not eligible for a traditional loan but there may be other programs available. Please contact us for further details or to request a pre-approval. 

CONVENTIONAL

• 5% minimum down payment regular conventional if primary residence.
• 3% minimum down payment HomeReady Plus. 
• Gift funds allowed on primary residence.
  15% minimum down payment on 2nd home.
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  Only multi-wides are acceptable
• 620 minimum credit score.
• 50% maximum debt to income ratio.
• Eligible Properties: Singlewide, Doublewide or larger, Modular.
• 80% maximum cash-out refinance
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  Not Eligible: Cash out on a single-wide | Cash out on a second home.
• Minimum 12 ft. wide and have a minimum of 400 sq. ft. gross living area

VA

• 620 minimum credit score.
• 100% financing | zero down payment.
• Primary residence only.
• Eligible Properties: Singlewide, Doublewide, Modular.

FHA

• 3.5% minimum down payment.
• 580 minimum credit score.
• Primary residence only.
• Eligible Properties: Singlewide, Doublewide, Modular.
• Requires foundation inspection. Must be in compliance with HUD requirements.
• HUD Certificates or Data Plates are required at time of appraisal. If the HUD Certificates or Data Plate are not available, replacements can be ordered from IBTS.org

USDA

• Not eligible unless property is currently financed by USDA. 

 

 

Ineligible Properties

•  2-4 unit properties
• Condo projects
• Cooperative
• Leasehold Estates. Must own the land
• Manufactured Homes in “Parks” that are not acceptable FHA PUDs.
• Properties with resale restrictions

Additional Guidelines

• If a home started as manufactured and later had a Stick Built addition or began as Stick Built construction and later added a manufactured addition, the home must follow manufactured guidelines. Applies to all loan types. 
• Structural Inspection is required any time there was an addition made to the home. The original inspection at the time of the addition is acceptable. 
• Lot rent not allowed

• New Construction properties that have not been previously occupied and are less than 1-year old based on the certificate of occupancy date are not eligible.