4 Best manufactured home loans in Houston, Texas
Manufactured homes, also known as modular homes, are built in a factory in a way that they comply with the federal law. These homes come with the best values and are often the best choice if you plan to buy a dream house. It is when you require the most suitable manufactured home loan from a reliable lender. Let's dig deep to find the best-manufactured home loans in Houston, Texas.
1. FHA manufactured home loans: FHA manufactured home loans are applicable for double-wide manufactured home. The dwelling should be more than 400 square feet with a proper permanent foundation. When you reach out to the best-manufactured home lenders in Houston, Texas, they will ask for a minimum of a 500 credit score. They offer a max loan amount of $356,362 with a loan term of 30, 25, 20, and 15 years fixed. If you are a non-occupant co-borrower, FHA manufactured home loan is a perfect fit.
2. USDA manufactured home loans: USDA manufactured home loans are suitable for a newly developed house that remained unoccupied in the past. The house should again have 400 square feet area, but you can grant the loan only if you have a 550 credit score. $548,250 is the maximum loan amount you can obtain from this loan with a loan term of 360 months. Unlike FHA loans, you should occupy the property while pursuing USDA manufactured home loans.
3. VA manufactured home loans: The manufactured home for which you are pursuing the VA loan should be your primary residence. To qualify for VA manufactured home loans, you need a 41% debt-to-income ratio and at least a 500 credit score. $548,250 can be the maximum loan amount with a loan term of 30, 25, 20, and 15 years fixed.
4. Conventional home loans: When it comes to conventional home loans, Fannie Mae loans are applicable for purchasing manufactured homes. To qualify for this loan, you need to follow a few guidelines. These include – a maximum loan amount of $548,250, minimum credit score of 660, 30, 25, 20, 15, and 10 years fixed loan term, and a few financing restrictions. Only non-occupant co-borrowers can apply for this loan and get approval if all the eligibility criteria perfectly match. You can think about this when you are thinking about manufactured home loans.
The Bottom Line
So, are you planning to pursue a manufactured home loan? In that case, you must reach out to the best-manufactured home lenders in Houston, Texas. They offer the best financing options depending on your needs.