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100% financing

me and my wife want to buy this home but it is a modular or manufactured home. my question is is there anyway to get a home loan to cover 100% of purchase price? by aarontiffanyrobin... from , California. Aug 19th 2015 Reply

Richard Airey (richardairey)
#3 ranked lender in Maine - 662 contributions

Possibly. You should contact a local lender and see if they offer either VA loans (if you are a veteran) or USDA Rural Development loans on manufactured home. Those would be your only 2 options.

Aug 19th 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

Much more info is needed.. In order to get a mortgage, you have to be buying "real property" (not a MFH in a park where you pay space rent).. So the MFH needs to be architecturally attached to the land it sits on and a affidavit of affixture must be recorded with the county.. Once this is done, you can look for loan terms.. For 100% financing, if you have VA benefits available to you, you might find a lender willing to do a VA loan at 100%, and there's also USDA financing, but the home must be in a USDA defined area to qualify.. FHA requires 3.5% down and for conventional financing you need at least 5% down.. There might be some Down Payment Assistance programs in your area, but to find out about those, you should contact a local mortgage broker (to the area you looking to move to) and see if they are familiar with any programs.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Aug 20th 2015
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