Manufactured/Modular Home Loans

MANUFACTURED

A Manufactured home is a complete dwelling designed for year-round living and substantially constructed in a factory. It conforms with a National Building Code developed in 1976 by the U.S. Department of Housing and Urban Development (HUD). Financing for these homes can be done through;

• FHA      •      USDA      •       FNMA/FHLMC    •        VA

• The home can consist of one or more transportable pieces commonly referred to as single wide, double wides, triple wides, and multiwides. • The home is constructed in a factory on a permanent steel frame or chassis. • The home is transported to site where axles and wheels are removed. • The home is then permanently attached to a foundation system.

Understanding the requirements and having the resources at our disposal is what makes Formula Mortgage Capital Corporation a leader in Manufactured home financing. They key is knowing what questions to ask, knowing the difference between the HUD Data Plate/Compliance Certificate and the HUD Certification Label and what is required regarding the engineering certificate and if necessary, where to or how to solve all of these issues.

MODULAR

Modular buildings and modular homes are prefabricated buildings or houses that consist of repeated sections called modules. “Modular” is a construction method that involves constructing sections away from the building site, delivering them to the intended site, using a crane to lift and place the module(s) onto a foundation, connecting them all together and then applying the finishing touches.

Financing a modular home is very similar to financing a common site-built home as they are generally looked at as single family residences when they are completed.