FHA all the way!
This is the minimum down payment required for an FHA loan, assuming the borrower has a credit score of 580 or higher.
What is 3.5 percent?
This military-backed loan program allows eligible veterans to finance manufactured homes, provided they are permanently affixed to land.
What is a VA loan?
This type of refinance allows a borrower to take out a new, larger mortgage and receive the difference in cash.
What is a cash-out refinance?
Down payment assistance programs are most commonly offered by these types of local or state organizations.
What are housing finance agencies?
VA loans are available to eligible individuals who have served in this organization or its reserves.
What is the U.S. military?
FHA loans are insured by this government agency, which helps make homeownership more accessible.
What is the Federal Housing Administration?
In order to be eligible for most real estate loans, a manufactured home must be titled as this, not as personal property.
What is real property?
Lenders typically require this minimum amount of equity in your home to qualify for a conventional cash-out refinance.
What is 20 percent?
Many DPA programs require this type of course, often taken online, to educate buyers on the homebuying process.
What is a homebuyer education course?
One of the biggest benefits of a VA loan is that borrowers are not required to pay this upfront cost typical in other loan types.
What is a down payment?
Unlike conventional loans, FHA loans require this type of insurance, both upfront and annually.
What is mortgage insurance premium (MIP)?
These two government-sponsored enterprises purchase conventional loans on certain manufactured homes that meet their construction and siting standards.
What are Fannie Mae and Freddie Mac?
This government-backed loan program allows eligible veterans to do a cash-out refinance with up to 100% loan-to-value.
What is a VA loan?
Some DPA programs provide assistance in the form of this type of loan that does not require repayment unless the home is sold or refinanced.
What is a deferred second mortgage?
Instead of mortgage insurance, VA loans include this one-time fee, which helps fund the program.
What is the VA funding fee?
To qualify for an FHA loan, a borrower’s debt-to-income ratio generally must not exceed this percentage.
What is 43 percent?
Manufactured homes must be built to this national construction standard and display a red certification label to qualify for real estate financing.
What is the HUD Code?
This key credit factor, often required to be at least 620 or higher, plays a major role in qualifying for a cash-out refinance.
What is a credit score?
This government-backed loan program allows borrowers to use eligible down payment assistance funds with its 3.5% minimum down payment.
What is an FHA loan?
To be eligible for a VA loan, borrowers must obtain this document from the Department of Veterans Affairs.
What is a Certificate of Eligibility (COE)?
This is the maximum loan amount an FHA loan will allow, and it varies depending on this factor.
What is the location of the property (county limits)?
To qualify for most mortgage programs, a manufactured home must have only been moved this many times.
What is once?
Instead of refinancing the first mortgage, some homeowners use this revolving credit line secured by home equity, which works more like a credit card.
What is a Home Equity Line of Credit (HELOC)?
Many DPA programs set income limits based on this government metric, often calculated as a percentage.
What is Area Median Income (AMI)?
VA loans require the home to be used as this, meaning the borrower must occupy it after purchase.
What is a primary residence?