Rocket Mortgage, a mortgage lender part of Rocket Companies, has introduced a conventional loan option for Americans who are interested in purchasing or refinancing a manufactured home.
Manufactured homes are built at indoor homebuilding facilities in accordance with the Department of Housing and Urban Development’s Manufactured Home Standards. It is then delivered to the land where the owner will live in it. Once the home arrives on site and is placed on a permanent foundation, it becomes real property and is able to be financed through a mortgage.
“After revolutionizing the home loan experience for traditional site-built homes, we are proud to bring the technology and expert guidance Rocket is known for to those who are purchasing manufactured homes,” said Bob Walters, CEO of Rocket Mortgage. “It’s our hope that, through this new option, more Americans can realize their dream of homeownership.”
Manufactured homes offer a cost-effective choice for homebuyers, Rocket notes. A recent report from the Manufactured Housing Institute showing manufactured homes cost, on average, about a third of a site-built home. The Institute also stated that 22 million Americans currently live in manufactured homes and this building type accounts for 9% of new home construction.
“In the past year, there was roughly $12 billion in sales of manufactured homes. These are clients with great income, credit scores and who are very creditworthy. We are looking forward to helping them achieve homeownership,” Walters added.
Rocket Mortgage’s new manufactured home financing can be used for the purchase of a primary residence with as little as 5% down or a second home with at least 10%. Cash out refinances are available on a primary residence and rate-and-term refinances are available on either a primary or second home. Other credit, asset, income and debt requirements are consistent with conventional loan guidelines.
Clients are able to use Rocket Mortgage’s industry-leading digital mortgage experience to apply and go through the loan process. Mortgage experts are available to advise and guide them along the way. They can also apply through any mortgage broker who partners with Rocket.
These manufactured home loans are the latest in a slew of new programs Rocket has announced. In July, the company introduced Rate Drop Advantage–a program that waives many of the costs to refinance if a client buys a home now and refinances within three years. In August, Rocket Mortgage introduced a home equity loan–providing a new option to combat rising consumer debt. The company most recently launched Inflation Buster–lowering a homebuyers’ interest rate by one percentage point on most loans for the first year, completely free, the release noted.
For more information, visit https://www.rocketmortgage.com/.