MANUFACTURED HOMES
My team can help you with the following types of loans for primary and second homes.
Each borrower must have at least 2 credit scores, and below are minimum guidelines.
- Conventional – Minimum 3% down payment with a 620 credit score
- FHA – Minimum 3.5% down payment with a 620 credit score
- VA Loans – Zero down with 100% financing available with a 640 credit score
- USDA – Zero down with 100% financing available with a 620 credit score
BASIC GUIDELINES
The home must have been constructed after 6/15/1976 and on its own land (not in a park).
The home must be a multi-wide unit such as a double wide or triple wide.
The home can only have been set once directly from manufacturer or dealership. The only exception is that a VA loan can have been relocated to a new lot.
The home must be taxed as real property, so we need a form DR-402 (Declaration of Mobile Home as Real Property) signed by the appraiser.
The title must be retired which is usually done at closing.
The file must receive an automated approval through the underwriting engines because there is no manual underwriting allowed for this product.
Investment properties are not allowed for this product.
ENGINEERING REPORT CERTIFICATION
The homes must be permanently attached to the foundation. All loan types (except VA) require an engineering report certification by an engineer or architect, who is licensed and registered in the state where the manufactured home is located, attesting to compliance with the permananent foundations guide. Below are local contacts that can complete the certification:
Pillar to Post Home Inspections
Mike and Tiffany Williams
904-282-9248 Office
904-834-1001 Mike’s Cell
Lucas and Scott Engineering
904-260-2690 Office
WATER TEST
If the property has a well, the water will need to be tested for the levels of lead, e-coli, coliform, nitrates & nitrites. Below is a local contact:
Water Test ASAP Water Sampling, Inc.
8376 Hewitt St, Jax, FL 32244
Phone: 904-226-9884
HOMEOWNER’S INSURANCE
Every loan requires homeowner’s insurance. Below are some contacts in our local area who can insure a manufactured home:
Chip Harper - Agent / Owner
Harper Insurance Agency
910 S 8th Street, Suite 103
Fernandina Beach, FL 32034
Phone (904) 406-0887
Fax (904) 406-9754
Joan Felker - Agent
Giella Insurance Agency
7855 Argyle Forest Blvd Ste 502
Jacksonville FL 32244
Office- 904-783-3388
Fax - 904-783-1166
Whitney Ricci – Agent
Ricci Insurance Group
3721 Dupont Station Ct S
Jacksonville, FL 32217
Office 904-710-2310
Fax 904-201-1230
SEPTIC TEST
This is only required if the appraiser calls for an inspection.
