Up To 100% Manufactured Home Loans In All 50 States. Straight-forward answers, fast approval process, and we'll never waste your time! Industry low rates on ALL FHA, USDA, and VA purchase & refinance loan programs. Want to BUILD a brand new home, call and ask about our One-Time Close Construction Loans. Just one loan for land and property. You MUST BE on a Permanent Foundation, & NO Mobile Home Parks, *FHA 96.5% max purchase LTV. Don't wait, check your eligibility in seconds!
In order to qualify for the USDA loan, the home must be located in an eligible rural area, must be used as your primary residence, and must be in livable condition. *New manufactured homes can qualify for a USDA loan if they are permanently installed, and existing manufactured homes will only qualify if the home was originally financed with a USDA Loan. For more information on USDA Loans, click here.
FHA modular and manufactured home loans are made by private lenders but are insured by the FHA in the case of default. These loans are ideal for those with the ability to make a mortgage payment, but who may have had some credit challenges in the past. Also, in order to qualify for a FHA loan, you will be required to pay at least 3.5% down.
100% Financing No Down payment Closing costs can be covered through the loan Fast approval and closing times Lowest Fixed Mortgage Rate, Very affordable house payments Taxes & Insurance included with house payment USDA Government Guaranteed Mortgage
620+ credit score No bankruptcy in the last three years No foreclosure in the last thee years Modular home can be brand new or existing No maximum loan amount Minimum loan amount $50k Debt to income ratio below 45% No swimming pools or properties in 100 year flood zones
This site provides content for mortgage shoppers and is not acting as a mortgage banker, broker or lender. This site acts only as a Service Provider and attempts to match your request with Lending Partners who may have loan products available according to the criteria you submit in your request. Information collected is not an application for credit or a mortgage loan and your request does not pre-qualify you for a loan with any particular Lending Partner.
USDALoansDirect.com reserves all rights and the content of the web site may not be produced, downloaded, disseminated, published, or transferred without the prior written permission of USDAloansdirect.com. The trademarks, logos and service marks displayed on the web site are the property of USDAloansdirect.com and/or other parties. Other product and company names mentioned herein, including the names of Lenders, Mortgage Services or Investors, may be the trademarks of their respective owners.
If any part of this agreement is determined to be unenforceable by a court of competent jurisdiction, the unenforceable portion will be modified by the court solely to the extent necessary to cause such portion to be enforceable, and the remainder of the agreement shall continue in full force and effect. This agreement constitutes the entire agreement between you and USDAloansdirect.com with respect to the use of this web site and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written, between you and USDAloansdirect.com with respect to this web site. A printed version of this agreement shall be admissible in judicial or administrative proceedings based upon or relating to this agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form.
The program was created to help develop rural America but many cities still have eligible locations for home buyers to be able to utilize the program. Often times its a matter of finding a home on the outskirts of town but in some cases you can surprisingly buy in the middle of more developed areas. The USDA calculates area eligibility based on population density. You can search for eligible areas at the USDA property eligibility page. To search just accept the disclaimer and choose single family housing under property eligibility. You can also reach out and we will provide a map of your area. If you have any trouble with this just let us know, we would be glad to help you out. This can be the greatest challenge for some borrowers wanting to live close to a highly developed city but want to take advantage of the zero down program. You do have to be willing to live in a more rural community!
It is possible to own a home and use the program, but its a very unique situation that the USDA allows this. Generally the program is for people who currently rent or live with family. There are a few cases however that qualify. If you are retiring from up north and have your home for sale you could potentially use the program here in Florida if you qualify for both payments. If you have a disability that requires you to change your residence, for instance if its not wheel chair accessible then you could qualify for a USDA mortgage even if you own another home. Additionally if your home no longer has enough bedrooms to accommodate the size of your family then the USDA could allow you to use the program. If you currently have a USDA mortgage and want to buy another home with a USDA mortgage you can do this as long as you close on your current home before you close on the new home. The USDA program is not a first time home buyer program but its well suited for first time home buyers.
USDA loans give aspiring rural homeowners a shot at homeownership with zero down payment mortgages for qualified buyers. The U.S. Department of Agriculture (USDA) backs these loans, and sets strict requirements for income and the location of your home. Knowing these rules will help you determine if a USDA loan is a good fit for you and your homebuying plans.
A USDA loan is a mortgage program that allows homebuyers with low- to average-income to finance homes in USDA-approved rural parts of the country. Qualified buyers can purchase a home with no down payment. The most common USDA mortgage loan is the Section 502 Guaranteed Loan Program which is offered by USDA-approved lenders.
The USDA loan program is one of only two no-down payment, government-backed loan programs available to qualified homebuyers.The other is the VA loan which is restricted to current or retired military service members.
These specialized loans are made under guidelines in the Section 502 Direct Loan Program, and which provides homebuying assistance to low- and very-low-income borrowers. Unlike the Guaranteed Loan Program, Direct Loan mortgages are approved by the USDA itself, rather than by approved private lenders. Some features of the Direct Loan program include:
Although the basic mortgage process is the same as applying for any other loan, there are strict guidelines unique to USDA loans, including limits on household income and the specific location of your home.
Income limits. USDA loans are designed to help low- to moderate income borrowers finance home purchases. The standard guidelines cap total household income at 115% of the median household income for your area. The income-eligibility limits vary based on the county and state you intend to live in.
USDA qualifying requirements Minimum down payment$0 Minimum credit scoreNo guideline minimum but most lenders require 640 Maximum total debt ratio41% Exceptions possible to 44% with 680 credit scores and cash reserves or two-year job stability Appraised valueMust confirm home is in USDA-approved rural area OccupancyMust live in home as primary residence Guarantee fee1% upfront 0.35% annual 59ce067264