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Minimum credit score of 550. Triad's program is not guaranteed solely by credit scores, all applicants must meet other program guidelines to qualify. Cosigners will be considered on a case by case basis to help applicants who lack seasoned or established credit.
Typically, a mobile home has to be built after 1976 to qualify for a mortgage, as we'll explain below. In this case your loan would work almost exactly the same as financing for traditional ?stick-built? houses.
To qualify for an FHA loan, a manufactured home must have been built later than June 15, 1976 and adhere to certain building standards and government guidelines. The maximum FHA mobile home loan amount is $92,904.
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Some mobile home loans can have terms of up to 30 years, and others may be 15 to 20 years. Qualify for federally backed loans. If your manufactured home meets certain conditions, you may be able to qualify for federally backed mortgage loans from the Department of Veterans Affairs, Department of Agriculture or FHA.
Most lenders require a minimum credit score of 580 to 620 to buy a mobile home. In most cases, 580 is the minimum credit score for manufactured home loans but you might still get financing with a special program and lower score but you might need to make a larger down payment for it.
Bank of America offers several types of loans to finance a manufactured home. Those include FHA loans, VA loans, conventional loans, jumbo loans, and HELOCs (home equity lines of credit).
A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. The movable property, called ?chattel,? also acts as collateral for the loan.