Press Releases

Financing Manufactured Homes: What You Need to Know

What is a manufactured home? For years manufactured homes were often thought of as synonymous with “mobile homes”, but they have become so much more. Manufactured homes are now a viable option for many families. They face more stringent building codes and are often indistinguishable from traditional homes. Before 1976, mobile homes were financed similarly to cars, but because the perception of what a manufactured home is has changed, there are companies that now offer more traditional home loans.

“Manufactured” vs. “Modular” vs. “Mobile” Homes

There are many different terms used around manufactured homes and it can get confusing in determining what is meant by a “manufactured” home. One major issue is perception, mobile homes are thought of as low quality, but today mobile and manufactured home construction is regulated by the Housing and Urban Development (HUD) branch of the federal government.

All terms, manufactured, modular, and mobile, refer to homes built in a factory and then set up on site. The difference is in the way they are set up. Modular homes are designed to local building codes. They are often built on a permanent foundation and look like a more traditional home.

Manufactured and mobile homes have less stringent local regulations. Because their construction is federally regulated through HUD, they are not inspected for local building codes. Often they are built off-site and then brought on location and hooked up to water, electricity, and sewage (all of which is inspected locally). Unlike modular homes, manufactured homes do not need to be set on a permanent foundation

Do I Need a Special Loan?

No, while in the past manufactured homes were financed differently than traditional homes, today you can finance a manufactured home through standard home loan programs. Conventional, VA, and FHA home loans are available to all those who might want to purchase a manufactured home. The loan option you choose to apply for may be determined by your financial situation.

Conventional Loan

The most stringent program, a conventional loan is also the least popular way to finance a manufactured home. They require a higher down payment, higher credit score, and a lower debt-to-income ratio. There are benefits to a conventional loan though. You can use a conventional loan to finance a manufactured home as your second home or investment property.

VA Loan

VA loans are offered through the US Department of Veteran Affairs and are only applicable to veterans of the United States Armed Forces. If you are a veteran, a VA loan may be the right fit for financing your manufactured home. VA loans will require a higher credit score, but do not require a down payment. This means that you can finance 100% of the value of the manufactured home!

FHA Loan

FHA Loans are usually the most popular route in financing a manufactured home. FHA loans are backed by the Federal Housing Administration and are a great option for lower-income families. Often FHA loans do not require a large down payment, or a perfect credit score.

To qualify for an FHA loan, the home must be permanently attached to a foundation and be built before 1976. If you are interested in obtaining an FHA Loan for a manufactured or modular home, contact one our experts who can help you get started.

What Are My Next Steps?

Once you have found the program you think will work best for you, apply for the loan and get pre-qualified. Make sure you have record of your personal assets, debts, your employment verification, and residential history.


Chris Doering Now Co-Hosting New Show on Sirius XM’s SEC Now

Local gator great and University of Florida Hall of Famer Chris Doering will host SEC Today, airing weekdays from 3:00 to 6:00 pm ET on the new SiriusXM SEC Radio.  In an announcement today by Sirius XM, the 24/7 channel dedicated to the Southeastern Conference will go live on March 5.

“Growing up in Gainesville, I had the privilege to attend football, basketball, baseball and many other competitive SEC sporting events on a regular basis,” said Doering.  “I am very excited about the opportunity to align with the SEC and speak year round about what I feel is the best athletic conference in the country.  The SEC leads the way on so many fronts and this is just another example of their forward thinking and commitment to their fans. I am honored to be a part of the new Sirius XM channel dedicated to SEC sports.”

Doering will join co-host Chris Childers to cover the afternoon drive-time slot.  The channel lineup also includes SEC This Morning, hosted by Peter Burns and former LSU All-American Marcus Spears, a replay of SEC Network’s The Paul Finebaum Show, as well as, SEC-focused news and game coverage.

See The Full Press Release From SiriusXM

Check Out This Interview With CBS 4

Record Low Mortgage Rates Favor Buyers

How We Got Here

When the great financial recession struck in 2008, it undoubtedly left a bad taste in the mouths of every American. Whether you were seeking a new career opportunity or looking to purchase your first home, the road to accomplishing those goals has been extremely hard for nearly every single one of us. So how did we go from a historic housing market crash to record low mortgage rates? (more…)

Golfing for Caleb

On April 24th, 2016, Chris Doering and other prominent Gainesville citizens came together to play a few rounds of golf, enjoy the Florida sunshine and most importantly, raise money for an extremely noble cause.

Caleb’s Pitch is a local non-profit organization that was founded by Boston-native Tim Jacobby. Tim’s son Caleb, an avid Boston Red Sox fan, was diagnosed with terminal cancer when he was just 7 years old. After a long, difficult battle, Caleb passed away on May 10, 2006. He was 8 years old.

Although Caleb was unable to overcome his illness, the bravery he displayed left an undeniable impact on the lives of everyone he encountered. Caleb became known for his unbreakable spirit and his daily encouragement of the doctors and nurses often telling them “you’re doing a great job”. (more…)

Judd Davis helps Gators’ kicker Eddy Pineiro

Judd Davis, the Ocala Branch Manager for Chris Doering Mortgage, recently took some time to help out his former school. The former University of Florida kicker was back on the practice field in Gainesville to work out with UF kicker Eddy Pineiro, who transferred to the program in January. (more…)