There have been some recent changes to the USDA loan in regards to manufactured homes.
Effective immediately in Texas, you can now use a USDA loan on pre-owned manufactured homes. What’s so cool about this? Well, the USDA loan is a zero down conventional loan program, meaning buyers don’t have to make a down payment.
This doesn’t mean all mortgage companies will do this, however. Each company has slightly different rules, so make sure you verify with yours.
To qualify for the loan in Texas, you must have a credit score of at least 620, the home must be a double wide, and it must be permanently attached to the ground or retrofitted (the foundation must meet HUD guidelines). The home must have been manufactured after January 1, 2006, and it has to be sitting where it was originally installed. A move doesn’t include the transport from the dealer or factory to where it was installed; it means moving it from one address to another.
If you have any questions or need more information, feel free to reach out to me. I look forward to hearing from you soon.