Long Awaited Manufactured Home HARP & Conventional Purchase/Refinance Guidelines

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California
Hi Everyone,
I know this has been long awaited and many members have contacted me looking for a Manufactured Home lender. We have just opened up the program and are able to help homeowners in many states.

Purchase, Rate & Term Refinance (including HARP Fannie/Freddie) & Cash Out Refinance
Terms available: 30, 20 & 15 YR Fixed. 7/1 & 10/1 ARM
Occupancy Requirement: Owner Occupied or Second Home
Minimum FICO 620
Subordination OK if you have a 2nd lien

Maximum loan limit is the lesser of 417,000.00 or maximum county loan limit.

Eligible Properties:
1 unit manufactured homes, must be at least a double wide. Properties must have been constructed after 6/15/1976, Rural Properties must be constructed no earlier than 1990 and require a home inspection. Fee simple only.

General Eligibility Criteria:
  • Must be at least 600 sq ft have HUD Cert labels (metal plates attached) or verification from IBTS.
  • HUD Data plates (paper certification located on the interior) or verification from IBTS.
  • Affidavit of affixture (or equal) to evidence property is classified and taxed as real estate.
  • Structural Engineer's report to determine if home is designed to be used as a dwelling with a permanent foundation built to FHA criteria.
  • The home must be built and remain on permanent chassis (towing hitch, wheels and axles have been removed)
  • Finished grade elevation beneath the manufactured home or, if a basement is used, the grade beneath the basement shall be at or above the 100-year return frequency flood elevation. HUD waivers are not accepted.
  • The home must not have been installed or occupied previously at another site or location
  • Additions or modifications to manufactured homes are not acceptable
  • All-weather roadway and adequate vehicular access from a public right of way
  • Foundation inspection by appraiser for permanent concrete footing with anchored tie-downs
  • Borrower must own the land on which the manufactured home is situated in fee simple

Loan To Value (LTV)/Combined LTV (CLTV)
Primary Residence Purchase/Cash Out Refinance - 95 percent max LTV & CLTV for fixed rate mortgage, 80 percent max LTV and 95 max CLTV for adjustable rate mortgage.
Second Home Purchase/Cash Out Refinance - 90 percent max LTV, 85 CLTV max for fixed rate mortgage, 80 percent max LTV and 85 max CLTV for adjustable rate mortgage.