Finding the Right Manufactured Housing Lenders: What to Look For

Choosing the right lender is crucial for a smooth homebuying or refinancing experience, especially when it comes to manufactured housing. With numerous lenders competing for your attention, it can be challenging to determine which ones are worth considering.

To assist in making the best financial decision, here's an overview of what to look for when evaluating manufactured housing lenders.

Key Evaluation Criteria for Manufactured Housing Lenders

Each lender is evaluated based on four key categories, each contributing equally to the overall rating:

• Loan Types (25%)
• Affordability (25%)
• Customer Satisfaction (25%)
• Trustworthiness (25%)

These categories provide a comprehensive view of what you can expect from a lender, including the variety of loan options, ease of qualification, cost, and overall reliability.

Loan Types

The best lenders offer a wide range of loan types. For manufactured housing, it's important that a lender provides not only conventional and jumbo loans but also other options, since FHA and VA loans are typically not available for manufactured homes in parks. Additional loan options such as home equity loans, construction loans, and specialty products also enhance a lender’s rating.

• Example: A lender offering conventional, jumbo, renovation mortgages, and HELOCs would earn a high rating.

Affordability

An affordable lender should cater to borrowers with lower incomes or credit scores and provide options with lower mortgage rates. Key features include:

• Flexible qualification requirements.
• Low down payment requirements.
• Acceptance of non-traditional credit (e.g., rent or utility payment history).
• Products specifically for first-time or low-income buyers.

• Example: A lender that allows credit scores as low as 580, accepts non-traditional credit, and offers down payment assistance would earn a high rating.

Customer Satisfaction

Customer satisfaction is gauged through sources like J.D. Power's annual Primary Mortgage Origination Satisfaction Study and online reviews on platforms such as Zillow and TrustPilot, provided they are based on 200 or more reviews.

• Example: A lender ranking near the top in J.D. Power's study and holding a five-star rating on Zillow would earn a high rating.

Trustworthiness

A lender's trustworthiness is measured by its Better Business Bureau (BBB) grade and the reasons behind it, along with any recent controversies or government actions.

• Example: A lender with an A rating from the BBB and no recent scandals would earn a high rating.

Making Your Decision

Our ratings can guide you towards lenders that are generally reliable, but the best lender for you will depend on your specific needs and financial situation. When shopping for manufactured housing lenders, consider which features are most important to you. Get preapproved with multiple lenders to find the best deal.

By evaluating these factors, you can confidently choose a lender that will support you through your manufactured home buying journey.