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Yep, generally only new manufactured homes on permanent foundations qualify for USDA loans but there are some exceptions. I thought you had been doing the mortgage lending gig for the past 20 years?
USDA has a lot of limitations and restrictions that don't make a whole lot of sense.
They want to loan money to rural people who are in the lower half of the income spectrum, but they won't allow any type of home-based farming activity that even looks like it MIGHT be commercial. They disqualify property with large barns or outbuildings. No egg or livestock business on the side, no large scale gardening or a farm stand. Nothing that might actually help make low income rural people more money. it makes no sense to me.
"Farm service buildings such as barns, silos, commercial greenhouses, or livestock facilities used primarily for the production of agricultural, farming or commercial enterprises are ineligible."
I find USDA to be more restrictive than helpful so far. Haven't had a client yet who didn't end up switching to an FHA instead.
Yep, generally only new manufactured homes on permanent foundations qualify for USDA loans but there are some exceptions. I thought you had been doing the mortgage lending gig for the past 20 years?
Ha Ha yes and in doing so I admit when I make mistakes and offer tips that might help others, as the Manufactured Home Buyer who needs a USDA loan often times has no other options. But good burn.
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