The Federal Housing Administration (FHA) provides support for FHA loans. This backing makes it easier for individuals with lower credit scores to purchase single-family homes.

Intended Use: Only for primary residences
Minimum Down Payment: As low as 3.5%
Credit Score Requirements: Minimum 580 (options available for scores 570-579 with a 10% down payment)
Loan Duration: Can be up to 25 years
Additional Requirements: Loans come with both initial and ongoing mortgage insurance fees. The FHA caps its loans at $93,000, which might be restrictive if you're considering a double-wide home with land.

Beyond FHA loans, the Department of Housing and Urban Development (HUD) also provides two manufactured home financing options under the FHA umbrella. These are the Title I and Title II loan programs, designed to accommodate various homebuyer needs.

Title I Loan Program
The Title I program offers financial assistance for purchasing a new or pre-owned manufactured home, refinancing an existing manufactured home, acquiring land to place a manufactured home, or obtaining a combined loan for both the home and land.

These loans can also be utilized for modifications, repairs, or improvements to a manufactured home.

One notable feature of the Title I loan is its availability to borrowers who do not own or are not buying the land where the home will be situated, such as those in a manufactured home community or park. For these situations, the borrower must secure a lease for the site that extends for at least three years.

Loan amounts under this program are subject to specific limits:
- Up to $69,678 for the manufactured home alone.
- Up to $23,226 for the land.
- A combined loan for the home and land can reach up to $92,904.

The duration of the loans varies depending on the purchase type:
- Loans for just the manufactured home can last up to 20 years and 32 days.
- This term also applies to a single-wide home and lot purchase.
- Loans solely for the lot are capped at 15 years and 32 days. For multi-unit manufactured homes and lots, terms can extend up to 25 years and 32 days.

Title II Loan Program
The Title II loan program offers financial support for those aiming to purchase a manufactured home and the accompanying land, assuming the property adheres to specific requirements. This program is particularly aimed at buyers intending to use the manufactured home as their main living space, rather than for investment in real estate.

To qualify, the manufactured home must:
- Be at least 400 square feet in size.
- Have been constructed on or after June 15, 1976.
- Be considered real property (although not necessarily for state taxation purposes).
- Stay affixed to a permanent chassis.
- Include the purchase of both the home and land within the loan.

Title II loans do not apply to homes situated on rented plots within manufactured home communities or parks. The minimum down payment for these loans can be as low as 3.5%, with the possibility of extending the loan term up to 30 years.

Conventional loans are typically not accessible for manufactured homes since these homes are not always recognized as real estate. Nonetheless, notable mortgage institutions like Freddie Mac and Fannie Mae make exceptions, offering dedicated loan programs for manufactured homes.

Intended Use: Can be used for a primary residence or a second home
Minimum Down Payment: Starts at 5% (Fannie Mae's MH Advantage program offers a reduced 3% down payment)
Credit Score Requirement: 620 or above
Loan Duration: Up to 30 years
Additional Criteria: The home must have a minimum width of 12 feet. If you're looking to finance a manufactured home as an investment property, a larger down payment will be necessary.

Freddie Mac's Home Possible
Freddie Mac extends the availability of conventional mortgages to manufactured homes, provided they adhere to specific criteria. These homes need to be constructed on a permanent chassis, officially recognized as real property, and have a minimum of 400 square feet of living space.

It's essential to understand that while not every lender may offer financing for manufactured homes, both Fannie Mae and Freddie Mac present financing solutions for homes that meet their precise standards. This initiative is part of their commitment to making homeownership more accessible to a broader range of families.

Fannie Mae's MH Advantage
Fannie Mae, through a network of approved lenders, presents the MH Advantage program, specifically designed for buyers interested in purchasing manufactured homes. This initiative provides financing options with terms of up to 30 years, and down payments that can be as minimal as 3%.

To qualify for this program, certain conditions must be met: the home should be at least 12 feet wide, offer a living space of no less than 600 square feet, and must not be positioned on rented land. This program aims to make homeownership more accessible, especially for those looking at manufactured homes as a viable option.

The Department of Veterans Affairs offers VA loans to veterans and eligible active-duty service members for the purpose of purchasing manufactured homes along with the land they occupy. These loans are advantageous, offering the potential for no down payment and no requirement for mortgage insurance.

To be eligible for a VA loan, the manufactured home must meet specific criteria:
- The home must be attached to a permanent foundation.
- The home must adhere to the guidelines established by the Department of Housing and Urban Development (HUD).
- The loan must cover both the manufactured home and the land it is on.

If your property does not meet these standards, unfortunately, it will not qualify for VA financing for manufactured homes. This program is designed to support those who have served our country, providing them with a path to homeownership.

Chattel loans provide a distinct financing route for purchasing manufactured homes. These loans, considered personal property loans, are typically utilized for high-value items such as aircraft, boats, farm equipment, and notably, manufactured homes. A crucial aspect of chattel loans is that the home itself serves as collateral.

This type of loan is particularly advantageous for individuals who do not own the land where their manufactured home will be located, such as in a manufactured home community.

Manufactured homes can be a more economical option compared to traditional houses, making personal loans a feasible financing alternative. It's important to note that personal loans often come with higher interest rates than mortgages or auto loans.

One of the major benefits of personal loans is the absence of collateral requirements, meaning your home is not at risk in case of payment difficulties. Additionally, the process to apply for a personal loan is generally quicker, simpler, and requires fewer documents than other loan types.