As the demand for affordable housing continues to grow, manufactured homes have become an increasingly viable option in the rural market.
To meet this demand, RuraLiving has expanded its lending capabilities to include manufactured home financing, giving financial institutions the tools to better serve their customers and capture this growing market segment.
Flexible Financing Parameters
Loan-to-Value (LTV) Ratios:
Competitive LTV ratios up to 85%, depending on factors like property age, condition and borrower profile.
Permanent Affixation Requirements:
Homes must be permanently affixed to real estate with the title surrendered. Acceptable foundation systems include:
Block and pier with tie-downs
Concrete slabs
Partial or full basements
Property and Home Standards:
Eligible homes must be built after 1976, at least 12 feet wide and feature a minimum of 1,200 square feet of gross living area.
HUD tags must be present and verified during appraisal.
Appraisal Standards:
Appraisals must follow Freddie Mac (70B) or Fannie Mae guidelines, addressing the home’s condition and permanent affixation.
Broad Property Eligibility
RuraLiving’s program accommodates a range of property types:
Primary and secondary residences.
Properties with pastureland, tillable acreage or outbuildings such as barns, silos and stables.
Multiple contiguous or non-contiguous parcels.
Additional Program Highlights
Long-term fixed-rate options, ensuring predictable repayment terms
Eligibility for borrowers with Schedule F income
Financing options for doublewide and triple-wide homes
Why Focus on Manufactured Homes?
Manufactured homes, built in a factory under stringent HUD guidelines, provide an affordable and high-quality housing solution. These homes, constructed to the Federal Manufactured Home Construction and Safety Standards Act (June 15, 1976), offer an attractive option for rural borrowers seeking cost-effective living solutions.
Unlike outdated mobile homes, modern manufactured homes are held to higher safety and quality standards, making them a sound investment for both lenders and borrowers.
What RuraLiving Offers Financial Institutions
RuraLiving’s manufactured home lending program is tailored to meet the unique needs of lenders, ensuring they can confidently originate loans for these rural properties.
Below are the core features and benefits:
Why Partner with RuraLiving?
At RuraLiving, our team of rural lending specialists understand the unique challenges of rural home financing and are committed to equipping financial institutions with the resources to succeed through personalized service.
Several key advantages of our manufactured home lending program include:
Market Expansion: Tap into a growing segment of borrowers seeking affordable housing solutions.
Reduced Risk: Comprehensive guidelines ensure loans are backed by well-maintained, permanently affixed properties.
Enhanced Portfolio Diversity: Add a high-demand product line to your lending portfolio.
Meeting Market Demand with Confidence
Manufactured homes represent a significant opportunity for lenders to grow their business in the rural housing market. By partnering with RuraLiving, financial institutions gain access to a robust lending solution that will increase their portfolio of products and market footprint.
Connect with RuraLiving
If you’re ready to expand your product offerings and capture the manufactured home market, contact RuraLiving today at at [email protected] or 507-385-4965.