Many people contact GreenPoint to inquire about the possibility of financing a manufactured home. GreenPoint does finance manufactured homes, but the definition of manufactured home is somewhat narrow and specific.

To GreenPoint, a manufactured home is called a mobile home. It is any factory-built home that has a steel undercarriage as a permanent chassis that guarantees the home is a single story with no potential to become any other structure. Factory-built homes such as modular, sectional, panelized or prefabricated structures are not considered manufactured under GreenPoint’s definitions and should be considered single-family homes on your mortgage application.

To reiterate the requirements, GreenPoint requires a manufactured home to be built on a permanent chassis, attached to a permanent foundation system and be a single-family dwelling that is legally categorized as real property. The hitch, wheels and/or axles must be removed and the home must be permanently attached to a foundation system that meets state and local codes and manufacturer’s expectations. The foundation system must also comply with both local and state codes and regulations for the soil conditions of the site.

Remember that the land that your home is situated on must be legally owned by you. If you lease or rent your land GreenPoint cannot extend a loan to you until you purchase the land or move to a site where you purchase the land.

Your mobile home must have been built in compliance with the Federal Home Construction and Safety Standards that were created on June 15, 1976. Usually you will be able to prove this compliance with a HUD Data Plate that is displayed near the main electrical panel in your home or other visible and apparent location in the home.

Lastly, the home must be double-width and be 24 feet wide and have at least 600 square feet of gross living area. It must be similar to other manufactured homes in the area and marketed for the same amount.