Cash-out refinancing of a manufactured home is permitted up to a maximum of 65% loan-to-value for a manufactured home. A cash-out refinance allows you to convert your home equity into cash by taking out a new mortgage which pays off and exceeds any existing mortgage(s) on the home. The amount paid to you is typically the difference between your new mortgage loan amount and any existing mortgage loan balance, plus applicable closing costs.
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Manufactured on or after June 15, 1976, to be considered for financing
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Placed on property owned by the borrower with deeded access or access directly to a state-maintained road
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On a permanent foundation (brick, block, or poured concrete) with the tongue, wheels, and axle removed
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Constructed with a pitched roof of either shingles or metal
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Listed with the tax office as real property
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The primary residence of the borrower
Loan options for a manufactured home
Explore available loan options at SECU, with a 20-year maximum term, to finance your single- or double-wide manufactured home.
Frequently asked questions about manufactured home loans
No application fees or credit report fees are required when you apply for a manufactured home loan at SECU. An origination fee is assessed at closing which is 1% of the loan amount, capped at $2,500. You must also pay for an appraisal that is paid to SECU for completion by a third party. The remainder of the charges, such as title insurance, attorney fees, homeowners insurance, and property taxes, are paid to third parties.
Please consult with an SECU mortgage loan specialist for further details.
A loan-to-value (LTV) ratio is a measure that compares the amount of your mortgage to the value of your property. For purchases, the maximum financing and loan-to-value ratio of a manufactured home are determined based on either the sales price or appraised price of the home (whichever one is less). You as the borrower are responsible for appraisal costs.
