USDA, Reduces-The-Cost-Of-Home-Buying (1)

Exciting News for New Manufactured Homes.

  • New units only (within 12 months of manufacture) purchased through the dealer/manufacturer
  • Financing allowed for purchase of the unit, transportation & setup costs, and purchase of the eligible site. Alterations allowed at the time of placement if documented they meet FMHCSS standards.
  • Primary residence only
  • Singlewide not allowed
  • If home is within a condo project, the project must be FHA or VA approved (no site condos)
  • The following must be provided PRIOR TO LOAN APPROVAL: – The label number of the unit shown on the FMHCSS data plate on the exterior of each section. – A signed statement by the dealer confirming thermal requirements in effect at the time of purchase are met.

The report must be site specific and contain the engineer’s or registered architect’s signature, seal and/or state license/certification number. – The report must include verification that the property has not been moved from another location The report must include verification that the property has not been moved from another location.

  • Manufacturer’s warranties required. The warranty must identify the unit by its serial number.
  • The dealer must certify that the unit did not sustain hidden damages during transport.
  • Trade-in transactions are not allowed • The following exhibits must be provided to the appraiser: – Purchase contract(s). For new MHs there may be separate contracts for the land and the home.

Klondike Mortgage Offers New 100% USDA Manufactured Home Loan pilot program in Oregon!

The unit must have been constructed on or after January 1, 2006 in conforming with FMHCSS, as evidenced by the affixed Housing and Urban Development (HUD) Label.

•Unit inspection will be required.

•A certification that the foundation design meets HUD Handbook 4930.3 PFGMH is obtained.

•The unit must not have had any alterations or modifications to it since construction in the factory.

•Unit must be at least a double-wide, with towing hitch and running gear removed.

•Manufactured home must be classified and taxed as real estate.

•The remaining economic life of the property must meet or exceed the 30 year term of the proposed loan , and the unit replacement cost coverage must be equal to the insured value of the improvements or the unpaid principle balance, with a deductible up to $1000 or 1% of the policy.


For USDA Property Eligibility go to:

 USDA Rural Housing (GRH) Loan Program is designed to assist borrowers in obtaining adequate but modest, safe and decent dwellings for their own use in rural areas. Loans are limited to borrowers with incomes that do not exceed state & local Rural Development (RD) median income limits and property designated as rural by RD.

Features & Benefits:

  • No down payment required. Borrower can finance up to 100% of the appraised value.
  • Low 30 year rates
  • Flexible credit guidelines
  • No maximum purchase limit, USDA Rural development program has no maximum purchase price limit.

Who is Eligible?

  • Individuals or families who plan to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan.
  • A borrower must provide sufficient income and a credit history that indicates an ability to meet repayment obligations.

For more information on a USDA home loan please contact:

   Call Klondike Mortgage, today – 541-593-2021