FHA & VA Home Financing
If you’ve had some past credit challenges, but you currently have the ability to repay a mortgage, then FHA manufactured and modular home loans present an excellent opportunity. In many cases, these home loans carry lower credit score and down payment requirements than conventional home loans—this means credit challenges in the past, or a lack of established credit, will not automatically deter you from obtaining an FHA home loan. The VA offers factory-built home financing to active duty military, veterans, and their spouses. As with FHA loans, VA home loans have lower credit requirements, but they carry significant additional benefits too—you may be able purchase your new home with no money down, you won’t need to make monthly PMI payments, and the home appraiser is selected independently by the VA, which means the lender has little or no control over the appraisal process.