We refinance manufactured homes, whether you want to lower your rate or get cash out. Doublewides and singlewides. Homes back to June 15, 1976. Conventional, FHA, and VA refinance programs all available.

Loan Options to Refinance Your Manufactured Home

Whether you just set your manufactured home up and you have a high rate that you would like to lower, or if you want to access your home’s equity, we can help. We refinance manufactured homes back to June 15, 1976. We can refinance double wide manufactured homes or single wide homes. If the home is a double wide then we can refinance it as a second home as well.

You must own the land in order to utilize our manufactured home refinance options. The land cannot be leased. Home owners associations are okay, but the home cannot be in a co-op. If it’s in a condo association there can be no singlewide homes in the community. We love to refinance people into lower rates who initially got a high rate from the set up of their home. So what are your options?

Refinance Manufactured Home with Conventional Financing

When you have just installed a manufactured home, refinancing with conventional financing is the best option if your credit score is good enough. If you have owned the land for less than 12 months we use the lesser of the cost of your land and the new home set up, or the total appraised value of your home and land together. If you have owned the land for more than 12 months we can use the current appraised value of your land and then include the cost of your set up. The minimum credit score is 620 for conventional financing but the higher your credit score the better your interest rate will be.

Cash Out Refinance for a Manufactured Home

Utilizing conventional financing or FHA financing you must have owned the home for 12 months to do a cash out refinance. When utilizing conventional financing the maximum loan amount will be 65% of the value of your home. This can include a pay off on a mortgage and any cash out beyond $2,000. If the cash out is less than $2,000 you can do a limited cash out refinance up to 95% of the value of the home. Additionally with conventional manufactured home refinancing the maximum term is 20 years.

With FHA financing you can go up to 80% of the value of the home and utilize a 30 year term mortgage. Cash out is only allowed on double wide homes using conventional financing and it must be your primary residence. If you have a singlewide home you can utilize FHA financing. When doing a cash out refinance you can pay debt off directly at closing. This can also allow your debt ratios to be lowered in the event you need to pay off debt to qualify. Utilizing your home’s equity to pay off high interest loans and lower your monthly payments can be a great way to create more financial freedom for you and your family.

Refinance a Manufactured Home Via FHA Financing

In order to refinance your home with an FHA mortgage you must have owned the home for 12 months. The value of your home will be determined solely by the current appraised value at that point. FHA allows for more flexibility with credit score requirements and debt ratio requirements so depending on your situation you may need to wait the 12 months from the time of your purchase to refinance your manufactured home. Otherwise if you have owned less than 12 months conventional financing is a good option. We go down to a 580 credit score via FHA financing. An engineer report will be required to inspect the home’s tiedowns but if your home is new then you are most likely compliant. FHA can be used for both double wide homes and singlewides.

Tie Down Requirements for Refinancing a Manufactured Home

If your home was set up before July 13, 1994 then it’s possible your tie downs may not be up to code. With conventional financing as long as there are no changes to the roof line or porches added an engineer report may not be called for, it’s up to appraiser discretion with conventional financing. Utilizing FHA financing you will always need an engineer report to inspect the tie downs and make sure they are up to code. If the tie downs are not up to code then it will need to be remedied before closing. Some contractors will do the work and collect the cost at closing in the event you are doing a cash out refinance and have funds coming back to you.

VA Financing to Refinance Manufactured Home

The VA allows you to refinance a manufactured home using your VA entitlement as long as there is an existing lien on the property whether it’s a VA loan or not. You can also get cash out of your home up to 100% of the manufactured home’s value. Additionally the VA does not require an engineer report when purchasing or refinancing a manufactured home. If your home has a well the VA will require you to get both a water test for bacteria and lead. If your home has been moved from a previous installation VA financing will allow for this.

Refinance Manufactured Home Guidelines to Note

• We do not refinance on leased land, you must own the land.
• It cannot be in a co-op or condo association unless there are no singlewides.
• HOAs are allowed though.
• With FHA financing the home must be above the flood plain.
• We cannot do cash out on a second home or an investment property unless it’s a Non-QM loan.
• FHA requires an engineer report, VA does not. Conventional financing requires one 95% of the time.
• For more information on manufactured home guidelines visit our main manufactured home page.
• Home owners policies must include the replacement cost endorsement or coverage needs to meet a replacement cost estimator. It’s possible that your current policy does not meet the minimum requirements of Fannie Mae.

Common Refinance Scenarios We See

First thing is first, the most common refinance we close is a borrower who set up a new manufactured home with a chattel loan or a high-rate purchase loan and now wants to drop into conventional or FHA financing at market rates. Once you’ve owned the home for 12 months and the home is on a permanent foundation, this refinance is straightforward. The math usually pencils out to several hundred dollars a month in savings.

The second most common scenario is a borrower with a paid-off doublewide who wants to pull cash out for a renovation, debt consolidation, or to help a family member with a down payment. Conventional cash out caps at 65% LTV with a max 20-year term. FHA cash out goes to 80% LTV with a 30-year term. For most cash out scenarios FHA is the better answer because the longer term keeps the payment lower even though the rate is similar.

Third is a veteran with a manufactured home looking to use their VA entitlement. VA refinance is the most generous of the three programs at 100% of value, no engineer report required, and no monthly mortgage insurance. If you’re a veteran with a manufactured home, this is almost always the right call.

Manufactured Home Refinance FAQ

Get a No Hassle Refinance Pre-Approval

If you want to figure out what’s possible, the best thing to do is fill out an application for a mortgage pre-approval. From there we can crunch the numbers and see how much you can finance, and what loan program is best for you. On weekdays we can review your application in 24 hours or less.