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Andrade Real Estate Services

After 1976

  • Primary Residence
  • Traditional
  • 620 Min FICO
  • 5% Min Down

The Manufactured Home Loan Program is a conventional financing option designed to help qualified buyers purchase a manufactured home as a primary residence. Unlike FHA loans, this program is not government-insured and follows standard conventional underwriting guidelines with added affordability features such as low down payment options and reduced mortgage insurance requirements. This program is intended for owner-occupied, 1-unit manufactured homes and includes income eligibility limits.

 

This program is ideal for buyers who:

  • Are purchasing a 1-unit manufactured home as a primary residence.
  • Plan to occupy the manufactured home full-time.
  • Want low down payment options with conventional financing.

Scenario

Credit Score

Min Down

Max LTV

Notes

Manufactured Home

620+

5%

95%

1-unit primary residence only. Must be on a permanent foundation. Super conforming (high balance) loans not allowed.

Occupancy Requirement

Primary residence


Borrower must intend to occupy the manufactured home within 60 days of closing.

Investment Property


Second homes and investment properties are generally not allowed.

Credit & DTI

FICO


Minimum 500 (down payment tiered by credit).

Ratios


  • Housing ratio: 45%.
  • Total DTI: 43–65% (flexible case-by-case).

Residency Eligibility

Eligible


  • Valid SSN — must have a valid Social Security Number (SSN),
  • Permanent residents — must provide a valid, unexpired Green Card,
  • Non-permanent residents — eligible with valid visa or Employment Authorization Document (EAD).

Ineligible


  • ITIN borrowers,
  • Foreign nationals,
  • Borrowers without a valid or verifiable SSN,
  • Borrowers with diplomatic immunity,
  • Borrowers previously convicted of mortgage fraud.

Income Eligibility Requirement

Requirement


  • Total qualifying income must not exceed 80% of the Area Median Income (AMI) for the subject property’s location.

Notes


  • Income eligibility is determined through automated underwriting findings,
  • At least one borrower must meet income eligibility requirements.

Income Consistency Requirements

Employment History


  • Two years of employment history required with the same employer or with different employers in the same line of work,
  • One year may be acceptable if the borrower has at least five years of prior experience in the same line of work or holds a professional license in that field,
  • Education or training may be used to fill gaps in history,
  • If on temporary disability, income used will be the lower of the disability pay or the regular employment income.

Notes


  • Frequent job changes are allowed if they are within the same line of work and the income is stable or increasing, provided this is supported by documentation,
  • Gaps over 6 months require explanation + current 6 months continuous employment,
  • Education and training must be documented with transcripts, diploma, certificate, professional license, or official school/training program documentation,
  • Temporary disability income follows standard conventional guidelines.

Income Type

Requirement

Documentation

Wage Earner

2 years stable employment history (gaps allowed if explained). Must show likelihood of continuance.

30 days paystubs + 2 years W-2s; VOE if required.

Self-Employed

2 years required.

2 years tax returns; YTD P&L; business bank statements if requested.

Part Time

2-year history required; must be likely to continue.

W-2s, paystubs, VOE verifying hours and history.

Seasonal

2-year history required; must be likely to continue.

W-2s, paystubs, VOE or employer letter confirming rehire pattern.

Social Security, Disability, and Retirement Income

Must be expected to continue ≥ 3 years.

Award/benefit letter (SSA, pension, disability) + proof of receipt (bank statements, 1099s, or deposits).

Alimony / Child Support

Must be court-ordered or written agreement; ≥ 3 years continuance.

Divorce decree, separation agreement, or order + 6 months proof of receipt.

Down Payment Funds

Eligible Sources


  • Borrower’s own funds,
  • Large deposits,
  • Gift funds,
  • Approved down payment assistance programs,
  • Retirement (401k / IRA),
  • Sale of assets.

Requirements


  • 1 month of bank statements if using Freddie Mac,
  • 2 months of bank statements if using Fannie Mae,
  • Large deposits must be sourced,
  • Gift funds allowed with gift letter + proof of transfer (no seasoning required),
  • Retirement funds require withdrawal terms + statements,
  • Asset sales require bill of sale + proof of deposit.

Gift Funds

Eligible Donors


Allowed for down payment and/or closing costs from acceptable sources such as:


  • Spouse or domestic partner,
  • Parent, step-parent, or foster parent,
  • Child, step-child, foster child, or adopted child,
  • Brother or sister, step-sibling, foster sibling, or adopted sibling,
  • Grandparent, great-grandparent, step-grandparent, foster grandparent, or grandchild,
  • Aunt, uncle, niece, nephew, or cousin,
  • In-laws, future in-laws, fiancĂ© or fiancĂ©e, ex-spouse, or former relative,
  • Relative of a domestic partner,
  • Godparents.

Ineligible Donors


Not allowed as sources of down payment or closing cost funds:


  • Real estate agent,
  • Client’s employer,
  • Loan originator or loan officer,
  • Builder or contractor,
  • Developer.

Temporary Interest Rate Buydowns

Types Allowed


  • 3-2-1,
  • 2-1,
  • 1-0.

Restrictions


  • Purchase transactions only,
  • Primary residence only,
  • Borrower must qualify at the full rate note,
  • Lender-funded temporary subsidy programs are not permitted.

Loan Amounts

Minimum Loan Amount


$50,000 minimum (case-by-case exceptions possible).

Maximum Loan Limits


Must meet FHFA conforming loan limit values.

Non-Occupant Co-Borrowers

Eligibility


  • Allowed on primary residence purchases.
  • Must be on title and loan.
  • Their income, assets, and liabilities are included in qualification.

Down Payment & Exceptions


  • Minimum down payment is 5% when a non-occupant co-borrower is on the loan.

Property Types

Eligible


  • 1-unit manufactured homes built after June 15, 1976,
  • Permanent foundation required,
  • Must meet conventional manufactured housing standards.

Ineligible


  • Manufactured homes built before June 15, 1976 (click here for manufactured home loans built before June 15, 1976),
  • Mobile homes,
  • Manufactured homes without a permanent foundation,
  • Manufactured homes located in age-restricted communities,
  • Relocated manufactured homes (previously installed at another site),
  • Second homes or investment properties.

Seller Contributions

Maximum Contribution


  • 3% max: Down Payment < 10%,
  • 6% max: Down Payment 10% - 25%
  • 9% max: Down Payment > 25%.

Allowed Uses


  • Closing costs,
  • Prepaid items,
  • Discount points,
  • Buydown escrows.

Disclaimer – This matrix was published on 09/26/2025. Program guidelines may have changed since then. Please contact Alexis to confirm the most current requirements. For complete details, refer to the Partner Matrices PDF or reach out directly to Alexis for program-specific guidance.

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