Manufactured Housing Loans

A home of your own, built differently.

Flexible credit guidelines

Single- and double-wide homes

Low down payments

Flexible financing for manufactured homes.

Manufactured homes can offer an affordable and flexible path to homeownership - and Michigan First Mortgage offers several financing options designed to help make that path possible.

Eligible borrowers can finance qualifying single- or double-wide manufactured homes with conventional, FHA, VA, USDA, MSHDA and Michigan First portfolio loan options. Whether you are purchasing a primary residence, buying a second home or refinancing a manufactured home you already own, our Mortgage Loan Officers can help you understand the available programs and property requirements.

Manufactured home loan options

Financing a manufactured home is not one-size-fits-all. The right mortgage will depend on your finances, the property, how you intend to use the home and whether the home meets the requirements of the selected loan program.

Michigan First offers:

Conventional manufactured home loans
FHA loans
VA loans
USDA rural loans
MSHDA loan programs
Michigan First portfolio loans
Purchase and refinance options
Fixed-rate and adjustable-rate options, when available

Program eligibility, terms and property requirements vary. Your Mortgage Loan Officer can help you compare the options available for your particular home.

Benefits of Michigan First manufactured home financing

Depending on the borrower, property and loan selected, program features may include:

Credit scores as low as 620
Purchase financing up to 95% loan-to-value
Cash-out refinancing up to 65% loan-to-value for Double Wide homes
Financing for primary residences
Financing for eligible second homes
Options for single- and double-wide homes
Government-backed and conventional loan programs
Portfolio financing for circumstances that may not fit standard mortgage guidelines

Meeting a stated minimum does not guarantee approval. Credit, income, assets, property characteristics and other factors will be considered during the application process.

What is a manufactured home?

A manufactured home is constructed in a factory and transported to its homesite. Homes built on or after June 15, 1976, must meet federal construction and safety standards established by the U.S. Department of Housing and Urban Development.

Depending on the mortgage program, the home may need to:

Display the appropriate HUD certification labels
Be installed on an eligible permanent foundation
Be classified and taxed as real property
Meet minimum size, age and condition requirements
Remain permanently located on the approved homesite
Include ownership of the land or another eligible interest in the property

The exact requirements differ among conventional, FHA, VA, USDA, MSHDA and portfolio loan programs. Some government-backed programs have particularly specific foundation, title and property standards.

Buying or refinancing a manufactured home

Purchasing a manufactured home

Purchase financing may be available for eligible new or existing manufactured homes. Depending on the program, financing may include the home, land and certain eligible site preparation or installation expenses.

Michigan First currently offers purchase financing up to 95% loan-to-value for qualified borrowers, which may allow for a down payment as low as 5%.

Refinancing a manufactured home

If you already own a manufactured home, refinancing may help you change your mortgage term, adjust your interest-rate structure or access a portion of your available equity.

Michigan First offers eligible cash-out manufactured home refinances up to 65% loan-to-value for Double Wide homes. Available options will depend on the home, land ownership, existing financing and borrower qualifications.

Manufactured, modular and mobile homes: What is the difference?

Although the terms are sometimes used interchangeably, they do not mean exactly the same thing.

A manufactured home is built in a factory according to federal HUD standards and then transported to its homesite.

A modular home is also constructed in sections off-site, but it is built according to state and local residential building codes. For mortgage purposes, modular homes are generally treated similarly to site-built homes.

A mobile home commonly refers to a factory-built home constructed before federal HUD standards took effect on June 15, 1976. Financing options for these older homes may be more limited.

If you are unsure how a home is classified, a Mortgage Loan Officer can help you identify the documentation needed to determine its financing options.

Find the right financing for your manufactured home

Manufactured home financing involves additional property and documentation requirements, but you do not have to navigate them alone. A Michigan First Mortgage Loan Officer can review the home you are considering, explain the available mortgage programs and help you understand your next steps.