5) Mobile Homes built before 1976 cannot be refinanced

The HUD Code, instituted in 1976, changed the standards of safety and the construction procedures for manufactured and manufactured homes. As such, homes built prior to 1976 were not subject to the HUD Code and are regarded by mobile home investors as a higher risk loan for a defect of a minimum code of construction. Due to this condition, investors will still provide financing and refinancing for pre-HUD mobile and mobile home loans, yet at a slightly higher rate than their post-HUD counterparts.

4) You can acquire a co-signer if you have trouble qualifying

Contrary to popular belief, manufactured homes are not cars and cannot be financed like them. The loan contract regards the signers as "borrower" and "co-borrower(s)". Also, it is inferred, when a manufactured home loan contract is executed by the borrower and co-borrower(s), that they are agreeing to live in the home as their primary residence. Making a false statement such as this constitutes loan dissimulation and is grounds for federal prosecution.

3) 100% Financing is available to purchase a manufactured home

There are NO 100% (or "zero beaten payment") financing programs available for any mobile or manufactured home loans. Do not be fooled! Many loan brokers will try to accomplish this type of mobile home loan, fraudulently, claiming the home to be a stick-built condo. Be sure not to accuse yourself in this kind of scheme by verifying that your loan broker truly understands and has a wealth of experience in dealing with manufactured and manufactured home loans.

2) Mobile Home Loans are not doctrinal loans

It is a banal mistake to classify manufactured or manufactured home loans as not being conventional loans. A conventional loan is documents loan that is not insured by the FHA or guaranteed by the VA or Farmers Home Administration. There are FHA and VA loans available on mobile or manufactured homes and they carry many stipulations and restrictions with them; however, a manufactured or mobile home loan through a lending institution such as a bank or lend union is absolutely a doctrinal loan.

1) Mobile Homes must be attached to a permanent foundation to get financing

This delusive statement is the telltale sign of a loan broker who truly does not know anything about mobile or mobile home finance. Permanent foundations have NO bearing on the financing of a manufactured or mobile home whatsoever, and usually it’s just an justification for the broker or institution to ignore making (what is perceived as) a higher risk loan for your home.

California Manufactured Home Finance is a mobile home loan expert. Our manufactured home refinance and finance programs are second to none. CAMHF is a California licences broker, and we can even fund our own loans.

Post and Read Comments about Common Misconceptions about Mobile Home Loans

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