Question:

Are there stated income manufactured home loans?

Answer:

Yes. Stated income manufactured home loans do exist and is possible to find. However, not many lenders will agree to fund even standard full doc loans for mobile homes. Your best bet is with a manufactured home loan lender. They will be able to provide different financing options for manufactured/mobile homes.

Manufactured Home Loan Options And Factors

Stated income is only one way to fund a purchase of a mobile home. There are other issues that will be of greater concern to the manufactured home loans lender than the type of documentation to use with the loan.

Most lenders will require that your home was built in the 1970s or later. The newer the mobile home, the better. Manufactured home lenders will also prefer manufactured homes built on permanent foundation.

The year the home was built, borrower's credit rating and the loan to value ratio are the factors with the greatest impact over the manufactured loan rates.

Typically, 580 credit score will allow stated income manufactured home mortgage with up to 80% loan to value. 630 will allow up to 95% stated income. 560 will allow no more than 70% LTV. Some lenders will accept scores as low as 450, but will have higher demands on the equity

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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