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Can I get a usda mortgage for manufactured home

manufactured home loans through usda. credit is 714 by jgvanharten7820895 from St. Cloud, Minnesota. Jul 21st 2014 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

Yes and no... I do a lot of USDA loans in MN. A modular home is OK with most lenders, but a mobile home is not. www.MortgagesUnlimited.biz/usda

Jul 21st 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

USDA allows for MFH's, however each lender offering USDA might not.. in fact most don't, so it' might be a difficult loan product to find.. Understand that USDA does not finance anything.. they only insure loans against default. Each lender can choose which loan products they will offer, and for most, they stay away form MFH's.. in a declining market, they are the first property type to go down in value, and during an upturn, they are the last property types to go up in value.. because the lenders are very aware of this, most have removed this loan product from their portfolio.. for the very reason most lenders do finance MFH's, is the same reason you should avoid buying one.. 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 WilliamAcres.com

Jul 21st 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Sorry about the typo.. "For the very reason most lenders do NOT finance MFH's, is the same reason you should avoid buying one"

Jul 21st 2014
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David Kosmecki (David_Kosmecki)
#36 ranked lender in Minnesota - 258 contributions

That's a great question. You would think that it makes a lot of sense as there are less builders in rural areas and that makes it easy. Well RD does allow it but lenders have to go to the secondary market with the loans they originate and sell the servicing. Servicers are not buying manufactured home loans. You will need to go directly to rural housing and obtain a direct loan. As a general rule, I've heard they are more difficult to deal with than a traditional lender but that is the option open to you. Good luck! If something changes, don't hesitate to contact me directly.

Jul 21st 2014
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So far manufactured and condos have all that's in my budget though and usda doesn't do condos, right?

Jul 21st 2014
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Nik Green (NikGreen)
#65 ranked lender in Minnesota - 6 contributions

Hi,You can get a USDA loan on a manufactured home if it is brand new or it has a USDA loan currently. Talking with a loan officer about your situation might help you get a better idea in where you stand. Thanks,Nik

Jul 21st 2014
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David Kosmecki (David_Kosmecki)
#36 ranked lender in Minnesota - 258 contributions

USDA does allow condos. I've actually closed several this year. You don't see many as there aren't an abundance of condos in rural communities but they do exist. The project has to be approved by one of the agencies as USDA doesn't provide condo project approvals. I had one project that wasn't approved but I went out and helped the association president get approved.

Jul 21st 2014
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Steven Brand (stevenbrand)
#3 ranked lender in Minnesota - 121 contributions

Yes, you can get a USDA loan for a Manufactured Home. USDA loans are great loans and there are specifics regarding this. Reach out to a local "mortgage guy" to get answers.

Jul 21st 2014
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