{"id":11420,"date":"2023-05-27T22:10:57","date_gmt":"2023-05-27T22:10:57","guid":{"rendered":"https:\/\/www.projectsmallhouse.com\/blog\/?p=11420"},"modified":"2023-07-14T04:16:56","modified_gmt":"2023-07-14T04:16:56","slug":"how-can-i-get-a-loan-to-buy-a-manufactured-home-part-2-va-loans-freddie-mac-or-fannie-mae-and-other-options","status":"publish","type":"post","link":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/05\/how-can-i-get-a-loan-to-buy-a-manufactured-home-part-2-va-loans-freddie-mac-or-fannie-mae-and-other-options\/","title":{"rendered":"How can I get a loan to buy a manufactured home? Part 2: Owner Financing, VA Loans, Freddie Mac or Fannie Mae"},"content":{"rendered":"

If you are buying a manufactured home, your financing options are limited. Not every lender wants to extend credit to buy a trailer or mobile home. The same thing applies to any other non-conventional home.<\/p>\n

If you are working with a real estate agent, they can help. If you found a manufactured home yourself, driving around or shopping on Facebook Marketplace, you need to find a way to borrow the money.<\/p>\n

Owner Financing<\/h2>\n

Sometimes the owner will finance the purchase of land or a mobile home if you have some money to put down.<\/p>\n

If the seller owns the house outright or you can afford a large enough down payment to pay off what is remaining on the mortgage, the seller can act as the lender. The seller would retain the same rights over the property as a bank who loans you the money to buy a house. But the seller could not continue to use the house as an asset. The seller can no longer take out a loan using the house as security.<\/p>\n<\/blockquote>\n

Be careful, though. A lot of rent-to-own offers are scams.<\/p>\n

Why not Rent to Own?<\/a><\/p>\n

VA Loans<\/h2>\n

If you qualify for it, you can get a VA loan for a 1976 or newer manufactured home on a permanent foundation with land. A VA mortgage is not available for a trailer on a lot.<\/p>\n

Freddie Mac or Fannie Mae<\/h2>\n

Freddie Mac is the Federal Home Loan Mortgage Corporation (FMCC). Fannie Mae is the Federal National Mortgage Association (FNMA). Both were created by Congress to provide federal backing for mortgages. There may be financial assistance available to first time home buyers.<\/p>\n

Freddie Mac Manufactured Homes Mortgages<\/strong><\/p>\n

Expand homeownership opportunities to more borrowers with mortgages secured by manufactured homes. Freddie Mac\u2019s requirements for manufactured homes are designed so that the mortgages we purchase are originated, underwritten and serviced to help qualified borrowers buy homes they can both afford and maintain.<\/p>\n

Manufactured Homes Mortgages
\nsf.freddiemac.com<\/a><\/p>\n<\/blockquote>\n

Fannie Mae Manufactured Housing Financing<\/strong>
\nAffordable financing options<\/p>\n

With the country facing a shortage of housing supply, manufactured housing provides a solution for borrowers ready to purchase affordable homes. Whether a borrower is taking one of the most affordable paths to homeownership, or a more attainable alternative to site-built homes, Fannie Mae offers options to help a range of customers achieve the dream of homeownership.<\/p>\n

Fannie Mae Mortgage Products \u2013 Manufactured Housing Financing
\nfanniemae.com<\/a><\/p>\n<\/blockquote>\n

A bank or private mortgage company can help you find a loan you qualify for. The same steps that help you get a mortgage apply to getting yourself into a position to buy a manufactured home.<\/p>\n

You Can Get a Mortgage!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you are buying a manufactured home, your financing options are limited. Not every lender wants to extend credit to buy a trailer or mobile home. The same thing applies to any other non-conventional home. If you are working with a real estate agent, they …<\/a><\/p>\n","protected":false},"author":1,"featured_media":11793,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[78],"class_list":["post-11420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","tag-mortgage"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/05\/featured-manufactured_home-c.jpg?fit=810%2C431&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":11791,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/05\/how-can-i-get-a-loan-to-buy-a-manufactured-home-part-1-hud-fha-insured-loans\/","url_meta":{"origin":11420,"position":0},"title":"How can I get a loan to buy a manufactured home? Part 1: HUD FHA Insured Loans and First-time Homebuyer Programs","author":"Carla","date":"May 23, 2023","format":false,"excerpt":"If you are purchasing a manufactured home from a lot or using a real estate agent, they can help you arrange financing. If you are buying a trailer, with or without land or land to put a manufactured home on directly from the owner, you have to find a way\u2026","rel":"","context":"In "Research"","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"Mobile homes for sale at the Georgia National Fair 2014, October 4 - Georgia National Fairgrounds & Agricenter, Perry, Houston County, Georgia Photo by Michael Rivera","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/05\/featured-manufactured_home-b.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/05\/featured-manufactured_home-b.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/05\/featured-manufactured_home-b.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2023\/05\/featured-manufactured_home-b.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10877,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2022\/10\/why-not-rent-to-own\/","url_meta":{"origin":11420,"position":1},"title":"Why not Rent to Own?","author":"Carla","date":"October 2, 2022","format":false,"excerpt":"There are a lot of dangers to Rent to Own. Is there a safe way to rent to own? What are some other options? Scams All of the ads I have seen lately for Rent to Own are scams. It is not very hard to tell that they are scams.\u2026","rel":"","context":"In "Research"","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2022\/10\/featured-rent-to-own-b.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2022\/10\/featured-rent-to-own-b.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2022\/10\/featured-rent-to-own-b.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2022\/10\/featured-rent-to-own-b.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11403,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2023\/02\/why-cant-i-get-a-mortgage-for-a-pre-1976-trailer\/","url_meta":{"origin":11420,"position":2},"title":"Why Can’t I get a Mortgage or even move a Pre-1976 Trailer?","author":"Carla","date":"February 27, 2023","format":false,"excerpt":"Since June 15, 1976, manufactured homes (mobile homes or trailers) were constructed to meet Manufactured Home Construction and Safety Standards and issued a red HUD tag, a certification label. You cannot retrofit an older trailer and get a HUD tag. 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You can borrow more than 80% of the price of the house you are buying. You can actually borrow a lot more. \u00a0If you are buying your first home, or haven\u2019t owned a home in three years,\u2026","rel":"","context":"In "Research"","block_context":{"text":"Research","link":"https:\/\/www.projectsmallhouse.com\/blog\/category\/research\/"},"img":{"alt_text":"Newly-completed homes in the Lincoln Park neighborhood of West Greenville, North Carolina Greenville Housing Division offers numerous programs to help low- to moderate-income buyers and homeowners.","src":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.projectsmallhouse.com\/blog\/wp-content\/uploads\/2024\/12\/featured_mortgage.jpg?fit=810%2C431&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":359,"url":"https:\/\/www.projectsmallhouse.com\/blog\/2017\/01\/research-modular-home-or-manufactured-home\/","url_meta":{"origin":11420,"position":4},"title":"Research: Modular Home or Manufactured Home?","author":"Carla","date":"January 15, 2017","format":false,"excerpt":"What is the difference between a modular home and a manufactured home? 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