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Requirements

Requirements vary by program and lender, but these are the big ticket items:
Basic Property Requirements:
  • Must be built on or after June 15th 1976 (can be verified by looking for the presence of either HUD tags or a data plate)
  • Axles, tongue, and wheels must be removed and skirting must be in place
  • Primary residence, 2nd home, and investment property all OK
  • Singlewide, doublewide, and triplewide all OK
  • Can be in a park or on land that you own (or will own)
  • Can be moved in the past if using a VA loan, or if the home is 15 years old or newer, or if it's in a park
Basic Borrower Requirements:

  • Minimum middle credit score of 580 for most land/home mortgages (lower if offset by large down payment or equity)

  • Minimum average credit score of 600 for home-only loans

  • Minimum 2 years since foreclosure, deed in lieu of foreclosure, short sale, or chapter 7 bankruptcy (no wait period if offset by large down payment or equity)

  • Minimum 1 year of on time payments if you've had a chapter 13 bankruptcy

Reverse Mortgages:

  • Property requirements are the same as listed above

  • Borrower requirements are much less stringent and more flexible than above

  • At least one borrower must be 62 years of age or older

  • Must have equity in the property, but home does not need to be paid off to qualify

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