Freddie teams with Kentucky lenders to finance manufactured homes

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Although it’s not impossible to get a conventional loan for a manufactured home, it can be tougher than getting financing with a Federal Housing Administration Insured Loan. Fannie Mae and Freddie Mac lenders do make conventional loans on manufactured homes, but the specific lender you want to use must meet specific requirements.

Few real estate lenders will finance mobile homes built before 1976. Manufactured housing must be taxed as real estate and placed on a proper foundation to qualify for a mortgage. mobile homes tend to depreciate like vehicles, not increase like traditional housing.

Loan-to-Value Ratio is calculated by dividing the sum of the home, land, and land improvements minus the down payment, trade-in allowance, and other credits by the sum of the value of the home, land, and land improvements.; Credit Score Requirements – No minimum credit score required for most states. . Equity loan programs are available for applicants scoring less than 575 with a minimum 35%.

 · Are Manufactured Homes Eligible for USDA Mortgages?. How to Use the USDA Loan for the Site and Home. The USDA loan should be used to purchase the home and the site if the site is not already owned. The home must also be brand new – existing manufactured homes are not an allowed purchase.. Perhaps the largest hurdle to overcome with USDA.

Wells Fargo specializes in financing Manufactured Home Communities ("MHC"), offering various flexible lending programs to meet your needs. Our experience and dedication to this industry has made Wells Fargo a nationwide leader in MHC financing for more than 15 years.

They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing. Fannie Mae and Freddie Mac buy mortgages from lenders and either hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold.

 · Freddie Mac has partnered with the Manufactured Housing Institute and is working with leading manufactured home builders to expand homeownership opportunities to more borrowers.

Foreclosed Home for sale in Erlanger, KY 41018, Covington, Kenton County, KY.more details about this property, as well as the current special financing programs that may be available through Fannie Mae or Freddie Mac.