Funding for foundation-secured вЂњrealвЂќ home
When your manufactured home is classified as genuine home, you are able to fund it with a home loan. Almost certainly, thatвЂ™s a Fannie Mae, Freddie Mac or mortgage program that is government-backed.
The loans work nearly the exact same as funding for traditionalвЂќ that isвЂњstick-built.
With Fannie and Freddie loans, you are able to place as low as 5 % down. You will find additional loan that is risk-based for manufactured housing, so prices are somewhat greater.
FHA loans work the way that is same manufactured or traditional houses: the mandatory down payment is 3.5 per cent when your FICO score is 580 or more, and 10 % if it is between 500 and 579. Read More