Mobile Home Loan
Formerly known as mobile homes, manufactured homes are built in the controlled environment of a manufacturing plant, are originally titled as vehicles and are transported to the site in one or more sections on a permanent chassis. Manufactured homes must be built in accordance with Federal Manufactured Home Construction and Safety Standards (HUD Code). Each transportable unit of a manufactured home has a red HUD certification label attached.
Customers wishing to have a manufactured home placed on land they already own or plan to buy should review our financing land page and Contruction-to-Permanent page.
Key Features of Our Mobile Home Loans
- Fixed and variable rate mortgages
- Amortizations to 30 years available
- Rate/Term refinance
- Cash-out refinance
- Home equity lines of credit
- Single, double and triple wides
- Homes on rented land ok.
- Homes on leased land ok.
- Land equity can be used for financing the unit
- Up to 100% financing
Financing Considerations
Atlantic Mortgage Services, Inc. offers conventional, long-term real estate mortgages on manufactured homes provided:
- The unit may be a single, double-wide or larger.
- For a single-wide, financing is not as available as for a double or triple-wide and a minimum square footage of 600 sq ft is required.
- All hitches, wheels and axles must be removed.
- The home must be permanently placed on an approved foundation
- The home must be attached to a sewer or septic system
- The home must be on a maintained road
- Approved skirting must surround the home. This is increasingly coming to mean masonry.
- Any major alteration to the home by the retailer or current owner must comply with HUD codes and have area comparables.
Recent storm and subprime housing experience has caused underwriters to begin revising guidelines on loans for manufactured housing. Insurers are also revising guidelines. Even though a manufactured home is in compliance with HUD and local requirements, it may not meet underwriters guidelines.
Despite these new challenges, Atlantic Mortgage Services will work with you to finance manufactured housing.
If you have a piece of vacant land or, wish to purchase a piece of vacant land to later use for your manufactured homesite, be sure and check out our vacant land loan products.