A manufactured home is a home that is built in a factory, transportable in one or more sections and is designed and constructed to meet the Manufactured Home Construction and Safety Standards (MHCSS). The homes must be a double-wide or larger and permanently affixed to a foundation.
Must be 18 years or older
U.S. Citizens
Green Card Holders (non U.S. Citizen)
H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA |
FHA |
VA |
USDA |
| CREDIT |
AS LOW AS 500 FICO |
——— |
——— |
| DEBT-TO-INCOME |
MAX 54.99% DTI |
MAX 60% DTI |
MAX 60% DTI |
| DOWN PAYMENT |
AS LOW AS 3.5% |
0% IF FICO 600+ |
AS LOW AS 0% |
|
|
|
5% IF FICO <600 |
|
| OCCUPANCY |
PRIMARY RESIDENCE |
PRIMARY RESIDENCE |
PRIMARY RESIDENCE |
| TERMS |
FIXED & ARM AVAILABLE | DEPENDENT ON THE LENDER |
||
| TRANSACTIONS |
PURCHASE | REFINANCE (CASH OUT/ RATE&TERM / STREAMLINE) |
PURCHASE | REFINANCE (IRRRLs AND CASH OUT) |
PURCHASE | REFINANCE (RATE&TERM / STREAMLINE / STREAMINE - ASSIST) |
| ELIGIBLE PROPERTIES |
SINGLE FAMILY MANUFACTURED HOMES | DOUBLE WIDE | PUD NOT IN MOBILE HOME PARKS | FEE SIMPLE ONLY | CONDOS APPROVED BY EACH AGENCY |
||
| STRUCTURAL ENGINEERS REPORT |
REQUIRED |
NOT REQUIRED |
REQUIRED FOR PURCHASE | NOT REQUIRED FOR REFI |
| HAVE A CH 7 BANKRUPTCY? |
WAIT 2 YEARS SINCE DISCHARGE |
WAIT 2 YEARS SINCE DISCHARGE |
WAIT 3 YEARS SINCE DISCHARGE |
| HAVE A CH 13 BANKRUPTCY? |
1 YEAR OF ON TIME PAYMENTS |
1 YEAR OF ON TIME PAYMENTS |
1 YEAR OF ON TIME PAYMENTS |
| HAVE A FORECLOSURE? |
MUST WAIT 3 YEARS FROM COMPLETION |
MUST WAIT 2 YEARS FROM COMPLETION |
MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] |
2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB |
|
|
| INCOME [IF SELF-EMPLOYED] |
2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED |
||
| ASSETS |
PAST 60 DAYS OF ALL ASSET ACCOUNTS |
|
|
| EMPLOYMENT VERIFICATION |
PROVE EMPLOYMENT FOR PAST 2 YEARS |
||
| PROOF OF IDENTITY |
PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
|
|