Manufactured Home Loans

What types of manufactured home loans do you provide?

We offer 10, 15, 20, 25 and 30-Year Fixed conventional loan programs. Our FHA financing options have a bit more variety. We offer 3 and 5-Year FHA Adjustable Rate Mortgages, as well as 15 and 30-Year Fixed FHA loans.

Do you offer HELOC’s or second mortgages for Manufactured Homes?

We do not currently offer any HELOC or Second Mortgage programs for Manufactured Homes. We do offer cash-out refinances up to 95% of your home’s appraised value on all our FHA loan programs.

Do you offer interest only loans for Manufactured Homes?

No, we do not have any Manufactured Home loan programs with interest only payment options.

Can you do 100% financing for Manufactured Homes?

No, but Manufactured Home purchase loans are available up to 97%

Can you do stated income or other low documentation Manufactured Home financing?

No, we only have full income documentation loan programs for Manufactured Homes.

Can you do a Manufactured Home cash-out refinance?

Yes, we help Manufactured Home owners consolidate debt every day with cash-out refinances! As mentioned above, our FHA guidelines allow Manufactured Home owners to do a cash-out refinance up to 95% of their home’s appraised value. However, the guidelines require that you own your home for at least 12 months to do a cash-out refinance with our FHA loan programs.

Which types of Manufactured Homes are acceptable for your loan programs?

Your Manufactured Home MUST be permanently affixed to a foundation, on land that you own (leased or rented land is an absolute deal killer). Your home must have been manufactured after June 15, 1976 and it must be a doublewide or triplewide property.

Does the Manufactured Home need to be on a permanent foundation?

All of our loan programs absolutely require that your home be affixed to an acceptable permanent foundation.

I think my home is on a permanent foundation, but I don’t know what types are “acceptable.” How can I determine if my foundation is acceptable?

This is one of the most common and most difficult questions we receive. The only way to truly determine if you have an acceptable foundation is to have an inspection performed by a state certified engineer. Due to the complexity of this issue, we encourage you to call our Manufactured Home Loan Center at 866-372-6650 to discuss your foundation questions with a Flagstar Bank Manufactured Home Loan Specialist.

Is there a limit on acreage?

There is no limit on acreage, as long as acreage is common in your area and there are comparable properties with acreage that have recently sold. If no comparable Manufactured Homes have sold in the past 6 months, we will only accept properties with 5 acres or less.

Are Manufactured Homes in rural areas acceptable?

Yes, rural properties are acceptable.

Are Manufactured Homes with wells acceptable?

Manufactured Homes with individual wells are acceptable as long as the well water complies with the US Environment Protection Agency (EPA). Shared wells must have no more than 4 Manufactured Homes sharing the same well, and also must comply with the US EPA guidelines.

How long does it take to fund a Manufactured Home Loan?

We usually offer 60 day rate locks for Manufactured Home loan transactions. The process can be completed within 30 days of receiving your loan application, however we’ve discovered that the processing of your application may require additional time in some situations.

What's the lowest FICO score you will accept for Manufactured Home Loans?

Conventional loan programs require a minimum credit score of 660. FHA guidelines require that you have no 30-day late payments on your mortgage, but they do not have a minimum credit score requirement.

Where is your business located?

Flagstar Bank corporate offices are located in Troy, Michigan. Our Western Regional Loan Center is located in Greenbrae California.

Do you offer Manufactured Home Loans in all states?

No, we do not. We do not offer Manufactured Home financing in Kentucky and New York.

If I’ve had a bankruptcy, am I ineligible for your Manufactured Home loan programs?

A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations.

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower’s payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction.

What’s the difference between a Manufactured Home, Modular Home, and Mobile Home?

A Manufactured Home is built entirely in a factory, transported to a site, and installed there. Manufactured Homes are built to meet the Federal Manufactured Home Construction and Safety Standards, also known as the HUD Code.

Modular, panelized, and pre-cut homes are also factory built but assembled on the site.

Mobile homes are generally defined as factory built homes completed before June 15, 1976.

Can you use an appraisal done by another lender?

Occasionally we can use an appraisal done by another lender, but the appraiser MUST be FHA approved and we will need the lenders permission to do so regardless of who paid for the appraisal. We generally prefer to order our own appraisal.

How much does it cost to lock a rate?

We do not charge a fee to lock an interest rate.

Can I get a free pre-approval?

Absolutely, for a free pre-approval please call 866-372-6650 to speak with one of our Manufactured Home Loan Specialists.

What is an FHA loan and how is it different from a conventional loan?

The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. FHA insures lenders against loss in the event that borrowers default on their loans. In this way, FHA encourages lenders to make loans that they might otherwise view as too risky.

Who is Flagstar Bank?

Flagstar Bancorp of Troy, Michigan, is the second largest banking institution headquartered in the state. It is also one of the leading mortgage lenders in the country and a national leader in the wholesale mortgage business.

Chartered in 1987 as First Security Savings Bank, today Flagstar has banking centers in Michigan, Indiana and Georgia. In addition, Flagstar originates mortgages across the United States, serving customers through home loan offices and correspondent relationships.

Despite its phenomenal growth, Flagstar has never lost touch with its origins as a community bank and never wavered from its pledge to provide convenience and value to its customers.

From its earliest days, Flagstar has taken the lead in developing innovative technologies that simplify processes for its customers. Its Web-based solutions put Flagstar at the forefront of the e-mortgage business, and its commitment to continually invest in new technologies ensures its leadership in the industry.

As a testament to its success, today Flagstar is a leader among its banking group peers in return on equity, a key measure of profitability. Flagstar is listed on the New York Stock Exchange, trading under the symbol FBC.