FHA Manufactured Home Mortgage  Loan

The FHA mortgage program allows home buyers with little to challenged credit to become homeowners.

• Minimum FICO Score: 580
• Minimum Down Payment:  3.5% (Assistance Available)
• Down Payment from a Gift:  Yes! (Gift Information)
• Owner Occupied Only.
• Minimum 400 Square feet, so Single Wide are allowed.
• Singlewide, Doublewide & Triple Wide.
• Constructed after June 15, 1976
• Seller can pay up to 6% towards Closing Costs
• Classified as Real Property in the State of Idaho
• HUD Certified Permanent Foundation
• HUD tags and certification necessary, LINK HERE to items to watch out for.

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Veterans Administration, VA Manufactured Home Mortgage Loan

VA  home mortgage program that allows those who served the US to get into a Manfactured Home with NO down payment.

• Minimum FICO Score: 620
• Minimum Down Payment: ZIP, Zero, NADA
• Owner Occupied Only.
• Singlewide, Doublewide and Triplewide units eligible.
• Constructed after June 15, 1976
• Seller can pay up to 6% towards Closing Costs.
• Classified as Real Property in the State of Idaho.
• HUD Certified Permanent Foundation.
• HUD tags and certification necessary, LINK HERE to items to watch out for.

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USDA Rural Development Manufactured Home Mortgage Loan

Allow for 100% financing in Rural Areas of Idaho

• Minimum FICO Score:  620
• Minimum Down Payment: ZIP, Zero, NADA
• Owner Occupied Only.
• Property needs to be in Eligible Rural Areas, LINK HERE to map.
• Minimum 400 square feet in size.
• Singlewide, Doublewide and Triplewide units eligible.
• Must be constructed in last 12 months and NEVER occupied.
• Seller can pay up to 6% towards Closing Costs.
• Classified as Real Property in the State of Idaho.
• HUD Certified Permanent Foundation.
• HUD tags and certification necessary, LINK HERE to items to watch out for.

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Conventional Manufactured Home Mortgage Loan

Buyers can utilize conventional financing to get a Manufactured Home loan.

• Minimum FICO Score: 620
• Minimum Down Payment:  5%
• Down Payment from a Gift:  Yes! (Gift Information)
• Owner Occupied Only.
• Minimum 600 Square feet and atleast 12 feet wide
• Doublewide & Triple Wide.  NO SINGLEWIDES
• Constructed after June 15, 1976
• Seller can pay up to 3% towards Closing Costs
• Classified as Real Property in the State of Idaho
• HUD Certified Permanent Foundation
• HUD tags and certification necessary, LINK HERE to items to watch out for.

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Reverse Mortgage  Manufactured Home Mortgage  Loan

The HECM or Reverse Mortgage program allows home buyers over the age of 62 to purchase a home with a Reverse Mortgage

• Minimum FICO Score: N/A
• Minimum Down Payment:  Dependant upon Age, LINK Here to HECM Calculator
• Down Payment from a Gift:  NO
• Owner Occupied Only.
• Doublewide & Triple Wide.
• Constructed after June 15, 1976
• Classified as Real Property in the State of Idaho
• HUD Certified Permanent Foundation
• HUD tags and certification necessary, LINK HERE to items to watch out for.
• Get more information about Reverse Mortgage LINK HERE.

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Manufactured homes are homes that are built in a factory and then moved onto the foundation.  The home has to have a HUD certified foundation, and be catagorized in Idaho as Real Property in order to get a mortgage on the home.  The home also must pass all inspections by the city and county.  And the manufactured homes needs to have a certificate of occupancy.  With the exception of a Veterans Administration Mortgage, a manufactured home can only be moved 1 time, from the factory to an orginal, HUD certified, foundation.  Foundation inspections and Appraisal will be required to get a home mortgage on a manufactured home.  More information can be found on this Web Page:  https://www.375loan.com/resources/manufactured_homes/.  1st Choice Mortgage is extremely knowledgable and experienced when it comes to manufactured homes in Idaho, give us a call today.