Home Financing

Home Financing

At Gulf Coast Homes, our priority is to help you get approved for financing on your new modular or manufactured home. We partner with trusted lenders who understand our product and are committed to helping our customers achieve the American Dream of homeownership.

We know that securing financing is a key step in purchasing a manufactured or modular home. That’s why we strive to find the best financing options available, offering competitive rates tailored to your needs. Whether you’re looking to buy a new home or need support through the process, our team of experts is here to assist, even if you don’t have perfect credit.

Our team will work with you every step of the way to ensure a quick and smooth loan approval process. We are committed to our customers and will help you get the financing you need.

American Modular Homes specializes in helping customers with credit scores between 575-599 secure financing for modular and manufactured homes. We offer a variety of homes eligible for this program, and buyers are required to provide at least 10% down, either in cash, trade, or land equity (or a combination of these). If your credit score is 600 or higher, you’ll only need a 5% down payment. Let us help you find the perfect financing solution to make your dream home a reality.

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Government Loan Programs for Manufactured Homes

 

At Gulf Coast Homes in Homosassa, FL, we understand how important it is to explore all your home financing options when purchasing your dream home. From conventional mortgages to government-backed loan programs, there are many opportunities available to help make homeownership a reality. Our team is here to guide you every step of the way, ensuring a smooth and informed journey. Below are some of the government-insured programs designed to assist manufactured home buyers.

FHA Financing for Manufactured Housing

FHA (Federal Housing Administration) loans are a popular financing option for individuals purchasing manufactured homes in Florida. These government-backed loans are designed to make homeownership more accessible by offering favorable terms, lower down payment requirements, and more lenient credit qualifications compared to conventional loans. For manufactured housing, FHA home financing come in two primary types: the FHA Title I loan for financing the home itself, or the home and land together, and the FHA Title II loan, which is specifically for homes permanently affixed to land that meets HUD standards. Borrowers can qualify with a credit score as low as 500 with a 10% down payment or 580 with as little as 3.5% down. These loans also come with fixed interest rates and require the home to meet specific HUD guidelines for quality and safety. For buyers in Florida, FHA home financing provide a reliable path to owning a manufactured home, offering financial flexibility while maintaining affordability.

VA Home Financing for Manufactured Homes

VA home loans, backed by the U.S. Department of Veterans Affairs, offer a valuable opportunity for eligible veterans, active-duty service members, and certain surviving spouses to finance the purchase of manufactured homes. These loans are especially advantageous due to their flexible terms, including no down payment requirements, competitive interest rates, and the absence of private mortgage insurance (PMI). To qualify, the manufactured home must meet specific requirements, such as being classified as real property and permanently affixed to a foundation on land owned or to be purchased by the borrower. Additionally, the home must meet HUD safety and livability standards. While VA loans are primarily for primary residences, they can cover both the cost of the home and the land it sits on. Borrowers must also meet VA eligibility criteria, such as obtaining a Certificate of Eligibility (COE) and demonstrating sufficient income to repay the loan. For eligible veterans looking to purchase a manufactured home, VA loans provide a cost-effective and supportive pathway to homeownership.

Our team at Gulf Coast Homes is dedicated to helping you find the most suitable financing options for your manufactured home. Whether you’re exploring government-backed loans or other financing programs, we’ll guide you every step of the way to make the process as smooth as possible. Contact Us or get Directions to Our Home and Design Center to start your journey toward homeownership today!