Typically, mobile homes built after 1976 can be financed. To meet mortgage lending guidelines, manufactured homes must have HUD tags. These tags are certifications stating that the manufacturer has complied with safety standards created by the HUD.
The HUD tags came into law on June 15, 1976. While HUD is the only agency that has this requirement, most lenders also follow the HUD guideline.
Before the law in 1976, manufactured homes were prone to safety issues such as wiring and electrical problems that could cause home fires.
Mortgage rates on mobile homes: are loans hard to get?
Lenders differentiate between mobile homes that are truly moveable and manufactured homes as real estate. As mentioned, a manufactured home is basically a mobile home that was built after 1976 that has HUD tags complying with certain codes.
With manufactured homes, it is possible to get traditional mortgages like VA loans or FHA loans. However, because these homes can depreciate, lenders are less likely to give you a loan with competitive rates. On the other hand, in areas where more Americans live in mobile homes, it is likely easier to secure more favorable financing.
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