Mobile Home Loan Guidelines for Kentucky: FHA, VA, USDA, and Conventional Loans

Manufactured home properties are often more affordable than standard single-family homes, making them an attractive option for many prospective buyers. Whether you're a first-time homebuyer or looking to refinance, there are financing options for manufactured homes through FHA, VA, USDA, and Conventional loan programs.

Important Guidelines for Manufactured Home Mortgages in Kentucky

Before diving into specific loan programs, it's essential to understand two critical requirements that apply to almost all manufactured home loans in Kentucky:

Permanent Foundation: The manufactured or mobile home must be on a permanent foundation. This means the home must be permanently affixed to the land with proper structural supports, meeting local building codes. Read more here what constitutes a permanent foundation ➡️https://www.huduser.gov/portal/Publications/PDF/foundation_guide_complete.pdf

Single Relocation: The home must have only been moved once, from the factory or dealership to the permanent site. Homes that have been relocated more than once typically do not qualify for financing.

Keeping these two key factors in mind will significantly improve your chances of securing a mortgage loan for a manufactured home.

Here's a detailed look at the requirements and guidelines for each program:

FHA Manufactured Home Loans

Minimum Credit Score: 500 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase or Rate-Term up to 96.5% LTV; Cash Out up to 80% LTV

Manual Underwrites: Allowed

Additional Requirements:

Real Property Conversion required at closing

Home must be your primary residence

Property cannot have been previously installed or occupied at another site

Age of Home: Home must have been constructed after June 15, 1976

USDA Manufactured Home Loans

Minimum Credit Score: 550 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase up to 100% LTV

Manual Underwrites: Required; Maximum Debt-to-Income (DTI) ratio is 29/41

Additional Requirements:

Home must be located in a USDA-eligible rural area

Real Property Conversion required at closing

Home must be a 2006 model or newer

Property cannot have been previously installed or occupied at another site

Must be your primary residence 

You cannot do not a mobile home loan on a USDA loan in Kentucky --Only available  in select pilot States and Kentucky is not in that program

VA Manufactured Home Loans

Minimum Credit Score: 500 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase or Rate-Term up to 100% LTV; Cash Out up to 80% LTV

Manual Underwrites: Allowed

Additional Requirements:

Real Property Conversion required at closing

Property can be previously installed or occupied at another site

Must be your primary residence

Age of Home: Home must have been constructed after June 15, 1976

Conventional Manufactured Home Loans

Minimum Credit Score: 620 qualifying FICO score

Eligible Property Types: Singlewide, Doublewide, and Triplewide units

Loan-to-Value (LTV): Purchase or Rate-Term up to 95% LTV; Cash Out up to 65% LTV

Additional Requirements:

Real Property Conversion required at closing

Home must have been constructed after June 15, 1976

Property cannot have been previously installed or occupied at another site

Primary and second homes allowed

Why Choose a Manufactured Home Loan?

Manufactured homes offer a cost-effective alternative to traditional housing, with modern designs and layouts that meet the needs of today's homeowners. With these flexible loan options, Kentucky homebuyers have access to financing programs tailored to manufactured housing.

Whether you’re looking for a low credit score option, zero money down, or a loan for a primary or secondary residence, these programs cater to a variety of financial situations.

1 -  Email - kentuckyloan@gmail.com 

2.   Call/Text - 502-905-3708

Joel Lobb
Mortgage Loan Officer - Expert on Kentucky Mortgage Loans

 Website: www.mylouisvillekentuckymortgage.com
 Address: 911 Barret Ave., Louisville, KY 40204

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Evo Mortgage
Company NMLS# 1738461
Personal NMLS# 57916

For assistance with Kentucky mortgage loans, reach out via email, call, or text Joel Lobb directly.

USDA Proposed Rule – Significant Derogatory Credit and Refinance Seasoning and Payment Performance

 

On September 19, 2024, a Proposed Rule was published in the Federal Register to amend the Single-Family Housing Guaranteed Loan Program (SFHGLP) regulation to implement changes related to the consideration of a previous USDA loss as significant derogatory credit and the seasoning and payment history requirements for refinance transactions.  Specifically, this rule proposes to:

• Establish a timeframe of seven-years following a previous Agency loan that resulted in a loss to the government for the loss to be considered significant derogatory credit.
• Eliminate the seasoning requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined and non-streamlined refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application (or since origination, if the account has not been open 180 days).
• Establish a six-month seasoning period requirement for borrowers to refinance their existing Rural Development Single-Family Housing mortgage using the streamlined-assist refinance Borrowers must have no delinquencies greater than 30 days on the mortgage account within 180 days prior to loan application.

Rural Development invites the public to submit comments on all aspects on the proposed rule. Comments to the proposed rule may be submitted via the Federal e Rulemaking Portal located at www.regulations.gov. While the public comment period is open for 60 days, Rural Development encourages all interested parties to submit comments as soon as feasible. Comments must be submitted on or before November 18, 2024.

1 -  Email - kentuckyloan@gmail.com 

2.   Call/Text - 502-905-3708

Joel Lobb Mortgage loan officer COMPANY NMLS# 1738461   PERSONAL NMLS# 57916

Kentucky USDA Rural Housing Mortgage Lender: Kentucky First Time Home Buyer Programs For Home M...

Kentucky USDA Rural Housing Mortgage Lender: Kentucky First Time Home Buyer Programs For Home M...: Kentucky First Time Home Buyer Programs For Home Mortgage Loans: Kentucky USDA Rural Housing Streamline Refinance G... :  How does a Kentuck...

Joel Lobb (NMLS#57916)
Senior  Loan Officer

American Mortgage Solutions, Inc.

10602 Timberwood Circle Suite 3

Louisville, KY 40223

Company ID #1364 | MB73346

Text/call 502-905-3708

kentuckyloan@gmail.com

If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

USDA Rural Housing’s Streamline Refinance Pilot Program has great news for homeowners with a USDA home loan......

USDA Rural Housing’s Streamline Refinance Pilot Program has great news for homeowners with a USDA home loan......

(USDA Section 502 Guaranteed loans) allowing homeowners to include closing costs and other settlement charges into a lower rate USDA mortgage with streamlined guidelines making it easier to refinance to a lower interest rate and payment.  USDA mortgages offer buyers the ability to finance 100% of the purchase price when purchasing a primary residence but now USDA is making it much easier to refinance these USDA mortgages so homeowners can take advantage of today’s low fixed mortgage rates.

Effective June 22, 2012 Primelending began accepting the USDA Rural Housing Refinance Pilot Program and the financing of the principal balance of the existing USDA loan plus the accrued interest used to calculate the payoff, and any eligible closing costs.  The two year pilot refinancing program is available to homeowners with USDA mortgages in 19 eligible states including Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, and Tennessee.  But, if a borrower with a USDA loan in any of the other 31 states is looking to refinance, there is still a USDA streamline refinance that does not require an appraisal but it cannot finance the closing costs like the Pilot Refinance Program.

The USDA Pilot refinance program is available to help homeowners with a USDA mortgage refinance at a lower interest rate without an appraisal, inspection, or calculating debt to income ratios as long as the property is still in an eligible area and the household is under the USDA income limit for the county in which the property is located.   With the new USDA refinance guidelines, it provides a less restrictive form of refinancing to save money.

PrimeLending is one of the leading USDA lenders in the country and the Russell Smith team is one of the top producing USDA loan officers as well and both have extensive experience in USDA Rural Housing Mortgage Loans.

The USDA Rural Development Pilot refinance program guidelines include the following:

• The interest rate on the new USDA loan must be a minimum or 1.00% lower than the existing USDA loan
• Pilot eligible states include AL, AZ, CA, FL, GA, IL, IN, KY, MI, MS, NV, NJ, NM, NC, OH, OR, RI, SC, & TN.  All other states are ineligible
• Rural Refinance Pilot loans must meet basic eligibility:  Property must be in a USDA eligible area and the household income must be under the USDA county income limit
• New term of the refinance loan must be 30 years
• Upfront USDA Guarantee fee is 2.00% of the loan amount which can be financed on top of the base loan amount
• Annual fee of 0..40%.  This would be new for most USDA borrowers since this is fairly new for USDA guaranteed loans.  This fee is paid monthly in the payment. For example:  $100,000 loan would be $30 per month.  $100,000 x .40% / 12 = $30..00
• New USDA loan refinance loan may include the principal balance of the existing USDA guaranteed loan plus accrued interest through the payoff date, and any eligible closing costs
• No cash out is permitted
• Reasonable and customary closing costs and other fees may be collected from the borrower by the originating company
• Income verification for all adult household members is required for income eligibility determination only, not for determining repayment ability
• Ratio waivers are not required as income is just used for compliance income calculation only for verifying the income is under the county USDA household income limit
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To apply for the Kentucky  USDA Pilot Refinance Program, click here.

Apply for a home loan by clicking the link below:It's free and takes less than 5 minutesOr call us at 502-905-3708 for your free application over the phone