FirstBank is the go-to bank for manufactured home lending from the bank that specializes in personal service.Can you get a mortgage for a manufactured home?
There are only two types of manufactured home financing: a traditional mortgage and a chattel mortgage. Most people understand the traditional mortgage: find an existing home or build one, then apply for a 30-year fixed mortgage or another mortgage type and lock in a highly favorable interest rate.Can I refinance my current manufactured home loan?
Manufactured homes that meet HUD guidelines can be refinanced via the FHA loan program. The Federal Housing Administration, which insures these loans, requires a credit score of 580 or higher and allows loan terms of up to 20-25 years for mobile/manufactured homes.Will FHA finance a manufactured home?
Financing Manufactured (Mobile) Homes Under the Title I program, FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a manufactured home and/or lot. FHA insures the lender against loss if the borrower defaults.