Manufactured Home Financing
For many New Mexicans, manufactured housing can be a cost-effective way to achieve homeownership. MFA wholeheartedly encourages and supports the use of our homeownership programs in the financing of manufactured homes for qualified borrowers.
We are pleased to offer the same rates to buyers of manufactured homes as we do to purchasers of site-built homes.
Our programs must be used in conjunction with standard loan types, such as FHA, VA, USDA-RD, and specific conventional loan programs. Lenders must follow the underwriting guidelines of the applicable insuring agency, with respect to property and borrower eligibility.
MFA will finance most types of single-family properties, including single and multi-section manufactured homes. Lenders must ensure that the manufactured home meets the following criteria and that sufficient documentation can be provided. Lenders must:
- Confirm that the home was delivered to its current location by a factory or dealer and was not previously moved.
- Provide the deactivated title (or a copy) marked "inactive".
- Provide a printout from the state DMV office confirming that the title is inactive in its system.
- Provide proof from the county assessor that the land and home is, or will be, taxed together as real property.
- Ensure that the home is on permanent foundation that meets HUD guidelines.