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Mobile Home Loans Texas

If you're searching for a home and home loan in Texas, a prefabricated home is one of the options you may be considering. There are different types of prefabricated homes and various kinds of prefabricated home loans as well. Funding your Texas home is where Cascade Financial Services can help you make your Lone Star dreams come true.

The great state of Texas has lots of variety, from big cosmopolitan cities like Dallas, Fort Worth, and Houston to slightly smaller cities like Austin, known for their funky, artistic vibe and thriving music scene. A  city such as San Antonio also has a lot to offer, in a less compact area, and at a slightly more relaxed pace than some other cities. Texas also has small towns and many wide-open countries, with farming, livestock raising, horseback riding, rodeos, and the annual Texas state fair, which draws folks from near and far.

Low Money Down Mobile Home Financing Options

If you're looking for a loan on a mobile home in Texas, several low-money down options are available, including:

Texas VA Loans: These loans for eligible military veterans offer 100% financing options. These loans are earmarked for veterans specifically, though some active-duty military personnel and surviving spouses of deceased veterans may also qualify.

Texas FHA loans: Texas FHA loan programs are suitable for a variety of home financing needs. These are loans backed by the Federal Housing Administration.

Some of the advantages of the Texas FHA specialty loan include:

  • Favorable pricing: FHA loans have competitive interest rates.
  • A low down payment: Qualified buyers can purchase a manufactured home with as little as 3.5% down.
  • Easier qualifying: Even if you have issues with your credit history and credit score, you may still qualify for a home loan from Cascade Loans.

Texas Chattel Loans: Chattel loans are unique in this respect, as most other loans that you can obtain for a manufactured home are also available for site-built homes in one form or another.

What Do I Need to Qualify for an FHA Loan?

Qualification requirements vary depending on which type of FHA loan you are applying for in Texas. While the type of FHA loan you're applying for may change the qualification requirements, in general, the criteria for your loan approval rests upon several factors:

  • Your earned income.
  • Your credit history and score.
  • Debts.
  • Any equity you'll have in the property.
  • Use of home as a primary residence.
  • The amount you want to borrow.

It's important to note that there are restrictions on FHA loan amounts, which vary by county, and are also based on the cost of real estate in the area where your home will be located.

Texas Prefabricated Home Loans

There are a variety of financing options available for qualifying homebuyers looking to purchase a manufactured home on owned land in the State of Texas. Single-wide, double-wide, and multi-wide manufactured and modular homes may both all be eligible. Mobile homes don't qualify, as they are classified as prefabricated homes built before June 15, 1976.

Manufactured Homes

A Manufactured Home is a pre-fabricated homemade in a factory and then transported to the homesite. One unit homes are classified as single-wide, two units as a double-wide. A single-wide home is 18 feet or less in width and 90 feet or less in length. It's an affordable starter home and a manageable home for a retiree or anyone who doesn't require lots of space. A double-wide home is a minimum of 20 feet in width and no more than 90 feet in length.

A manufactured home is a prefabricated house that was constructed after June 14, 1976. After this date, the Department of Housing and Urban Development required a higher level of safety, resulting in new construction codes for prefabricated homes.

These homes offer an exterior that looks more modern and attractive. The construction will be more sound than older prefabricated houses. In the interior, the appliances and fixtures will be more stylish than in older manufactured homes. They tend to have more; space, larger kitchens, bathrooms, and bedrooms. You have the option for even more space if you choose a double-wide manufactured home. Once inside these modernized manufactured homes, you may not even be able to tell that it's a prefabricated dwelling.

Be aware that you must buy or rent a lot to locate your manufactured home. In addition, these prefabricated dwellings tend to cost more than older mobile homes. However, plenty of advantages to a prefabricated house with more recent construction can balance out the cons.

Modular Homes

A modular home is more of a blend between a manufactured home and a site-built home. While it's still a prefabricated home, it shares some characteristics of a traditional site-built home in that it's located in one place and won't be moved. You're most likely to own the land where your modular home is located. This means you won't be paying for lot rent endlessly. Your mortgage will cover both the home and the land where it's located. 

Manufactured Home Loan Requirements

The home must have a minimum of 400 livable square feet and be built after June 15, 1976. Manufactured home loans have a lot of flexibility when it comes to the ownership of the homesite.  Cascade provides chattel loans to purchase just a manufactured home which keeps the financing of the home separate from the land.  If you do own the land, Cascade also provides the option to use the equity in your land as a down payment for your home purchase.  

If you're ready to move to Texas and think a prefabricated home sounds like a great place to plant your roots, reach out to the knowledgeable team at Cascade. A team member would be happy to go over your options, answer any questions you may have, and get you started on an application. We can be reached at 877-869-7082 or via our website.