Manufactured Homes Frequently Asked Questions

Do you require Private Mortgage Insurance (PMI)?
We don’t require PMI on home only manufactured home loans. However, when the loan-to-value is greater than 80% on a land and home manufactured home loan, then PMI is required.

Do you offer refinance loans? 
Yes, we offer cash-out refinances or we can refinance your current loan to a lower rate or shorter term.  Please contact our Mortgage Loan Consultants to discuss your options.

Will you escrow property taxes and insurance for my manufactured home loan?
Yes, Orange County’s Credit Union offers impound/escrow accounts on your home loan for payment of property tax and hazard insurance.

What is the minimum home loan amount you provide?
The minimum loan amount we provide is $25,000 for home only manufactured home loans. The minimum loan amount we provide is $50,000 for land and home manufactured home loans. 

Do you have a minimum credit score requirement?
Our guidelines have different credit score requirements depending on the loan-to-value and purpose of your home loan. Please contact one our Mortgage Loan Consultants to discuss your home financing needs.

Do you have restrictions on age of a manufactured home?
For land and home manufactured home loans, the home must be built on or after June 15, 1976. For home only manufactured homes loans, if the home was built prior to June 15, 1976, multi-wide structures are allowed.

What is the maximum loan term you offer on manufactured home loans?
For home and land manufactured home loans we offer a term up to 30 years. For home only manufactured home loans we offer a term up to 25 years.

What is the minimum down payment required?
For home and land manufactured home loans, we require a minimum down payment of 5% for a primary residence. For home only manufactured home loans, we require a minimum down payment of 10% on a primary residence. Gift funds from a relative can be used for the down payment.

Do you allow gift funds?
Yes, gift funds are acceptable if they are documented appropriately and are from a close relative. Please contact one of our Mortgage Loan Consultants for details.

What fees are up charged up front?
We don’t charge fees for you to apply for a home loan with the Credit Union. Your closing costs will vary depending on the loan program. Closing costs are collected at the closing of your home. Options may be available to finance into your home loan. Please contact one of our Mortgage Loan Consultants to explore options.

Why does the HUD code matter?
The HUD code is the set of standards for the construction, design, and performance of a manufactured home. The code was put in place to create a federal building standard for those buying these factory-built homes so they can enjoy the same safe, quality living conditions regardless of where the home is located.

What’s the difference between a manufactured home and a site-built home?
Manufactured homes are built in factories and delivered to the home site. Unlike site-built homes, they are protected from the elements and built using a regulated, systematic process. This results in a lower cost to build these homes which can offer savings to homebuyers over conventional site-built homes.

Do you offer financing on manufactured homes that are in a park?
Yes, Orange County’s Credit Union offers financing (purchase and refinancing) for homes in a park or community. We specialize in this type of financing.

Do you offer loans for investment (rental) properties?
Currently, Orange County’s Credit Union exclusively offers loans for primary (owner occupied) and second homes (vacation homes).

How long does it take to complete a manufactured home loan?
It will typically be about the same time as a traditional mortgage loan—about 30 days. We can accommodate a quicker home closing if you require a shorter close of escrow to purchase your home.

How do I find my manufactured home serial number?
Each home contains a data plate (an 8-1/2” X 12” piece of paper often glued to a wall, inside an interior cabinet or closet wall). In some cases, homeowners may remove this data plate unknowingly.

Does the manufactured home have to be on permanent foundation? 
No, we can finance single-wide and multi-wide homes without a permanent foundation. This allows financing for homes in park or communities.

Is homeowner insurance required?
Yes, the borrower must provide proof of current homeowner’s insurance coverage at the time of closing. If you require assistance in locating an insurance agent, please contact one of our Mortgage Loan Consultants.

Who orders the appraisal?
Orange County’s Credit Union will order the appraisal to obtain the estimated market value of your home.

Can I pay off my loan early?
Yes, you can pay your loan off any time without a prepay penalty.

Does it cost anything to apply?
Orange County’s Credit Union does not charge any upfront fees at the time you apply for your home loan. All closing costs can be paid for at the time of your home closing.