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Mobile Home Loans

AOD Federal Credit Union will originate and close first mortgage loans secured by manufactured housing units that are legally classified as real property. The unit must be permanently affixed to a foundation and must assume the characteristics of site-built housing. Acceptable examples of manufactured housing include double width and multi-width units. The unit cannot be older than 10 years.

Physical Characteristics

  • Square footage of at least 1,200 square feet
  • Unit should have at least three bedrooms and two baths
  • Classified at minimum as a double-wide unit
  • On-site parking
  • Permanent stoops and steps with proper footings at each entry/exit
  • Minimum roof pitch of four (4) in twelve (12)
  • Roof covering of standard composition shingle (asphalt or fiberglass) or better
  • Overhand/eaves extending a minimum of 6 inches
  • Landscaping that is typical for the area
  • Site served by utilities and off-site improvements meeting community standards
  • Wheels, axles, trailer hitches, and license plates removed from the unit and the premises
  • Permanent foundations and perimeter walls are not required. Steel, plastic or comparable forms of skirting are acceptable.
  • Anchored per manufacturer specifications and/or state and local building codes
  • Land securing the mortgage must be owned fee simple – no leased land
  • Single family owner occupied property

Manufactured Housing Guidelines

  • Maximum age of unit – 120 months
  • Maximum LTV is 95% – Purchase only
  • Maximum LTV is 90% – Refinance
  • Application fee of $375 that covers appraisal fee, credit report fee and verification fee
  • Must have at least 5% down plus closing costs in reserves for 2 months and able to show proof
  • Closing costs can be financed in with the loan on a refinance only

Use our Loan Calculator to work out your loan.

For more information, please contact a credit union representative today!

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