Manufactured Homes

Can be financed under the following conditions:

• Constructed after 1978
• Taxed as real estate by Auditor (MH as real estate)
• Interior HUD label – confirms year, make, model, manufacturer and serial number of the unit.
• Exterior HUD labels – provide HUD serial numbers
• Structural Certification – licensed structural engineer to confirm unit attached to permanent foundation according to code
• Must not have been previously installed or occupied at any other site or location, except from the manufacturer or dealer’s lot as a new unit

The Ridgeway Team, powered by Cornerstone First Mortgage, offers a program that enables financing through Fannie Mae, Freddie Mac Conventional, FHA, VA, and USDA for pre-existing doublewide manufactured homes with a minimum of 600 square feet. To be eligible, these homes must be at least 12 months old from the manufacturer's date, as indicated on the HUD data plate. Additionally, they should have been transported directly from the manufacturer or dealership, with no structural alterations. It is imperative to remove the towing hitch, wheels, and axles to align the dwelling with the characteristics of site-built housing. The program adheres to standard guidelines concerning Heating & Cooling, Foundation, Subterranean Termite, and flood zones. Borrowers are required to have a minimum middle credit score of 660, and the maximum lot size allowable is 10 acres. All homes must undergo conversion from Chattel to Real Property.

USDA - Rural Housing Loan

Did you know you can buy manufactured homes with USDA* loans?

Cornerstone First Mortgage, offers the USDA Rural Housing loan program, providing true 0% down payment options, specifically for eligible areas. Properties situated on agricultural land or income-producing tracts are ineligible. 

To qualify for a 0% down USDA loan you’ll need to meet the following criteria:

• Meet the USDA income limits for your area
• 640 or higher credit score (though lenders can approve borrowers with lower scores, depending on other financial factors)
• Purchase an eligible property type, including manufactured homes, single-family homes, condos or townhouses
• Property must be your primary residence, not a vacation home or investment property

VA

Cornerstone First Mortgage, a lender of VA loans, offers financing options with no down payment requirement based on the Veteran's available entitlement, sales price of the home, and its appraised value. 

Conventional

For Conventional loans through Fannie Mae and Freddie Mac, Cornerstone First Mortgage, requires a minimum down payment of 5% for primary residences.

FHA

Cornerstone First Mortgage also offers FHA loans with a minimum down payment requirement of 3.5% for primary residences. These loans apply exclusively to homes constructed by June 15, 1976, and adhere to FHA county loan limits.

As always, please consult Scott Ridgeway of the Ridgeway Team with any questions.